Europe prepares response to energy crisis - Tax rules to favor oil energy are curbed
The European Commission will present plans on Wednesday to cut electricity taxes and coordinate the increase in gas storage, aiming to mitigate the consequences of the energy crisis from the Iran war.
The draft proposals plan that the EU, for the time being, will avoid major market interventions, such as capping gas prices or taxing the profits of energy companies - measures it used in 2022 when Russia cut gas supplies and prices reached record levels.
Instead, the Commission plans to rein in EU tax rules to favor electricity over oil and gas, and make it easier for governments to cut electricity taxes.
The EU will also intervene to coordinate countries' efforts to fill gas reserves in the coming months and will provide solutions to support governments on how to deal with potential fuel shortages for aircraft.
Europe's heavy dependence on oil and gas imports has left it exposed to rising prices since the Strait of Hormuz, a vital fuel shipping route, was effectively closed and Iran began attacking energy infrastructure in the Middle East.
The base gas price in Europe on Tuesday was roughly a third higher than before the start of the US-Israeli war with Iran on February 28.
However, the EU's largest oil and gas suppliers - the US and Norway - are outside the Middle East, and the Iran crisis has not yet caused fuel shortages in Europe. However, airlines have warned that fuel shortages for aircraft could emerge within weeks.
The European Commission's plans outline non-binding ways for governments to provide "immediate assistance", including requiring businesses to avoid air travel where possible.
Some officials said the response also reflects an assessment that the energy shock caused by the war could last for months.
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