The Russian invasion of Ukraine has exposed widespread vulnerabilities within the global and European energy markets, amplified by the heavy reliance on the import of fossil-fuels from Russia.
With energy prices threatening to increase further, the European Commission has sought to tackle high prices and ensure secure gas supplies in Europe in the upcoming months through a new energy packaged announced yesterday (24th March).
Pro-Europe political group Renew Europe has welcomed the package, declaring it an opportunity to boost the European energy market’s efficiency and competitiveness, while ensuring that consumers are able to make affordable and more sustainable choices.
The group also affirmed the potential to become independent from Russian gas, oil, and coal to avoid financing the war in Ukraine, in addition to reducing supply reliance while also advancing the diversification of energy supply.
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