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Europe readies response to second energy crisis in four years
Draft plans would let governments cut electricity taxes to zero and coordinate gas storage, while avoiding gas price caps or windfall profit taxes for now.
- The European Commission will announce plans today to cut electricity taxes and coordinate gas storage refills, cushioning energy fallout from the US-Israeli war with Iran.
- Europe's benchmark gas price sits roughly one-third higher than before the US-Israeli war with Iran began on February 28, driven by the effective closure of the Strait of Hormuz.
- Data from think tank Ember shows Europe produced 71% of its electricity from low-carbon sources last year, up from around 60% in 2022, providing a buffer against current energy stress.
- Brussels plans to avoid major interventions like price caps, instead offering non-binding guidance for businesses to reduce air travel and manage potential jet fuel shortages.
- Elisabetta Cornago, assistant director at the Centre for European Reform, warned the continued closure of the Strait of Hormuz "may lead us to a worse shock regarding oil than in 2022, a similar gas shock, but I think a smaller shock on electricity prices.
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12 Articles
Coverage Details
Total News Sources12
Leaning Left2Leaning Right3Center3Last UpdatedBias Distribution38% Center, 37% Right
Bias Distribution
- 38% of the sources are Center, 37% of the sources lean Right
38% Center
L 25%
C 38%
R 37%
Factuality
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