European Heads of State and Government will meet in Brussels tomorrow to discuss how best to mitigate the impact of rising energy prices across the EU and how to establish the bloc’s independence from fossil fuel imports.
Ahead of the two-day European Council meeting (24 and 25 March), Eurelectric President Jean-Bernard Lévy wrote to EU leaders, expressing the commitment of the electricity industry to be fully carbon-neutral well before 2050 and calling for more investments in solutions to help the EU to reduce its dependency on fossil fuel imports.
Europe currently receives almost 70% of Russia’s gas exports and approximately half of its oil, while collectively, the UK, EU and US spend more than $700 million a day on Russian oil and gas.
Electrification is the solution to Europe’s decarbonisation targets as well as its energy sovereignty.
The power sector is on an accelerated path to carbon neutrality: two thirds of EU electricity was carbon–free in 2020, with that share expected to rise to 85% by the end of this decade. Accelerating the uptake of clean, electric technologies in transport, buildings, and industrial applications will help Europe meet its climate neutrality ambitions and cut fossil fuel imports.
Direct electrification can substitute gas and oil for heating and transport purposes, significantly reducing our reliance on foreign powers.
Mr Lévy called on the Council to prioritise the measures included in the European Commission’s Toolbox to alleviate the burden on consumers either by providing direct financial support to vulnerable customers or reducing taxes and levies on electricity bills.
He also urged the European Council to refrain from distortive ad-hoc interventions, which deter investment in clean and renewable energy projects, thereby slowing down Europe’s ability to wean itself off imported fossil fuels.
Any interventions, he added, should primarily address the root cause of the current energy price increase. These emergency measures, which should only be implemented in exceptional circumstances, must be harmonised, and coordinated at EU level to avoid market fragmentation.
Such interventions must be temporary, technology-neutral, and non-retroactive.Â