EU prepares measures to curb energy shock from Iran war

The European Union is preparing a package of measures to help member states mitigate the impact of the war in Iran on energy markets. According to Dan Jørgensen, the European Commissioner for Energy, the conflict has already significantly increased the cost of fossil fuel imports, which rose by €14 billion in the first 30 days.

He also warned that even a swift end to the fighting would not return the situation to normal, as energy infrastructure in the region has been severely damaged.

The forthcoming ‘toolbox’ is expected to include proposals such as reducing electricity taxes or adjusting network charges.

At the same time, the European Commission is considering crisis mechanisms similar to those used during the 2022 energy crisis, with the aim of easing pressure on energy prices and stabilising the market amid continued uncertainty.

(reuters, mja)