Brussels, 17 July 2026, dtt-net.com – The European Commission (EC) today called governments of 27 member states of the European Union to embrace its proposal, which it says could reduce imports of gas by more than 70% and of crude oil by more than 40% by 2040, and which according to its calculations would save up to 260 billion Euros per year by 2040 on its fossil fuel import bill.
According to the EC, its proposal can also “shield” households and industry from the effects of international crises on their energy bills and lower electricity producing costs by about 20%.
“A quicker electrification of the European economy is therefore key for higher competitiveness, security of supply, and lower energy prices across the entire value chain, from the manufacturing of net-zero technologies to the energy that reaches homes, businesses and industries,” the EC said in its proposed plan.
