European Commission presents energy cost reduction plan for EU residents and businesses

The European Commission has unveiled a new package of measures to reduce energy consumption and lower costs for households, businesses, and public institutions across EU countries. The initiative is part of the AccelerateEU program and was presented at an informal meeting of EU energy ministers in Nicosia.

As stated by Dan Jørgensen, European Commissioner for Energy and Housing, the measures aim to support consumers amidst the ongoing energy crisis and instability related to the situation in the Middle East.

The plan outlines three main pillars: protecting consumers and industry while maintaining green transition goals, immediate energy savings and accelerating the adoption of clean technologies, and stimulating investment in energy efficiency.

The European Commission estimates that accelerated implementation of current EU regulations will reduce annual natural gas consumption by 10–15 billion cubic meters and oil usage by 15–20 million tons of oil equivalent.

Proposed measures include energy vouchers for vulnerable families, reduced electricity taxes, support for energy communities, housing modernization, installation of smart meters, development of energy storage systems, and fast-track licensing for renewable energy projects using digital technologies and artificial intelligence.

Special attention is given to programs for replacing energy-intensive household appliances. The European Commission cited Cyprus as a successful example, where a subsidy program for purchasing energy-efficient appliances for vulnerable households was launched back in 2021.

The list also includes measures for the development of electric vehicles, heat pumps, and strengthening cross-border energy interconnections between EU countries.