Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>
The European Commission said its Affordable Energy Action Plan will cut industrial and household bills by tens of billions of euros.
The European Commission said in its Affordable Energy Action Plan, released Wednesday, that it is looking to invest in liquefied natural gas (LNG) projects abroad as part of its broader efforts to cut record-high energy prices, which threaten the EU’s “global standing and international competitiveness.”
“Our energy costs remain comparatively high, putting Europe at a real risk of deindustrialisation and posing a critical threat on our economy,” the commission said.
The European Union’s joint purchasing power should be harnessed by exploring “the option of longer-term contractual engagements to make prices more stable,” according to the commission’s plan.
The commission said that this could include schemes “whereby the EU and/or Member States could also accompany EU importers in investing directly in export infrastructure abroad, providing preferential loans to private investors” and by “securing gas liquefaction rights or purchase options.”
Currently, the EU signs short-term LNG contracts.
For industries, retail electricity…
