EU urges energy price coordination

European Commission President Ursula von der Leyen called on EU member states to coordinate action on energy prices following a €22 billion surge in fossil fuel costs since the start of the Iran war.

Speaking in Brussels, she said the EU is considering joint coordination of gas storage filling to prevent countries from entering the market simultaneously, as well as coordinated oil stock releases to maximize impact. She also stressed that national emergency measures must not disrupt the EU’s single market.

The European Commission is set to present proposals on energy price measures on April 22, ahead of discussions by EU leaders at an informal summit next week.

Von der Leyen also announced plans for an electrification strategy to be unveiled before the summer, emphasizing the need for long-term structural solutions.

“We are paying a very high price for our global dependency on fossil fuels,” she said, warning that such energy sources are likely to remain the most expensive option for Europe in the coming years.

She added that the EU’s push to decarbonize is becoming increasingly important as the bloc seeks to reduce costs and strengthen energy resilience.