The European Union, led by Ursula von der Leyen, President of the European Commission, announced that it is considering a one-year delay in the new methane law with the aim of reducing fuel costs during the winter. This delay gives oil, natural gas, and coal importers the opportunity to comply with the regulatory and reporting standards of the Union by January 2028.
Strategic Talks on Refining
With diesel prices now double pre-war levels, the European Union has also initiated strategic talks on European refineries. These discussions are jointly led by Dan Jørgensen, Commissioner for Energy, and Andrius Kubilius, Commissioner for Defense. The goal of these talks is to reduce costs and secure fuel for civilian and military uses.
Impact of Global Crises on Energy Costs
Von der Leyen noted in her speech to the European Parliament that families and industries are bearing the costs of the crises and estimated that the European Union has incurred an additional cost of 100 billion euros for imported fossil fuels as a result of the conflicts in the Middle East.
In the coming months, the Commission will also present its electricity action plan, aiming to reduce fossil fuel imports by doubling the share of electricity in the energy mix. Currently, electricity accounts for 25 percent of the EU's final energy consumption, which, if the target is achieved, has the potential to save 260 billion euros annually.
Von der Leyen also expressed appreciation for the recent G7 decision to release 100 million barrels of diesel and crude oil from their strategic reserves, announced on October 2. She described this action as a step towards stabilizing the global crisis.
In response to this announcement, Christian Ehler, a Member of the European Parliament, supported the delay in the methane law but deemed it an unrealistic one-year suspension, calling for a three-year delay until 2030 to ensure legal certainty and sustainable energy supply for businesses.
At the Union level, the bloc intends to extend the "AccelerateEU" initiative, which is a temporary state aid framework to support regional industries in crisis. Von der Leyen emphasized the need for targeted assistance and cited energy voucher programs in France and Romania as successful examples of supporting low-income families.
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