Brussels — The European Commission unveiled on Wednesday its Affordable Energy Action Plan, which aims to cut industrial and household bills by tens of billions of euros and speed up the decarbonisation of power markets.
As previously reported by Reuters, the Commission aims to save Europeans 45 billion euros ($47.25 billion) in 2025 and 260 billion euros ($273.03 billion) by 2040.
The Commission said it will look at investing in liquefied natural gas (LNG) projects abroad as part of plans to “immediately engage” with reliable suppliers to try to lower energy prices. Further, it will look to aggregate LNG demand from European companies to help them secure long-term deals as a shelter from short-term volatility.
In addition, the Commission will recommend that member states lower electricity taxes as well as increase scrutiny of gas markets.
($1 = 0.9523 euros)
Reporting by Julia Payne Editing by Ingrid Melander – Reuters
