EU proposes measures to address energy crisis

The European Commission proposed a package of measures on Wednesday in the hope to protect European households and industries from energy crisis and accelerate the shift to clean and homegrown energy.

In a statement, the commission said that, for the second time in less than five years, Europeans were paying the price of Europe's dependency on imported fossil fuels. Since the escalation of the conflict in the Middle East, the European Union (EU) has spent an additional 24 billion euros on energy imports due to higher prices, without receiving any extra energy.

The package, called "AccelerateEU," includes both short-term and structural measures to reduce dependence on volatile fossil fuel markets and strengthen Europe's resilience through homegrown clean energy and electrification.

According to the commission, the proposed actions include closer coordination among members on refilling underground gas storage, the use of flexibilities in filling rules, and any exceptional releases of oil stocks. A new Fuel Observatory will also be established to track EU production, imports, exports and stock levels of transport fuels.

The commission said measures to protect consumers and industry from price hikes may include targeted income support schemes, energy vouchers, social leasing schemes and lower excise duties on electricity for vulnerable households. It also said it would adopt a State Aid Temporary Framework to give national governments additional flexibility to support the most exposed economic sectors.

The commission said it would present an Electrification Action Plan by the summer, including an electrification target and measures to remove barriers in the industrial, transport and building sectors. It also said it would present a legislative proposal on network charges and taxation to ensure that electricity is taxed less than fossil fuels.

The commission said the measures would be discussed by EU leaders at the informal European Council in Cyprus on April 23 and 24.

EU proposes measures to address energy crisis

EU proposes measures to address energy crisis

EU proposes measures to address energy crisis

The Public Procurement Service of the Republic of Korea (ROK) announced on Monday that it will extend until the end of the year its market stabilization measures for goods affected by high oil prices, the country's Yonhap News Agency reported.

The measures, which are set to expire at the end of this month, are being extended due to the prolonged high oil price situation triggered by conflicts in the Middle East.

The targeted goods include asphalt concrete, which is highly sensitive to oil prices, and metered garbage bags, which are closely related to people's daily lives.

In March, the Public Procurement Service rolled out the measures for the aforesaid goods, exempting multiple suppliers of competition in the second phase of fulfillment of contracts to ensure fast delivery of the goods and easing price adjustment requirements so that firms can reflect costs in the prices of their products when raw material prices rise.

ROK extends market stabilization measures in response to high oil prices until end of 2026