European Council President calls for coordinated action on energy costs

On Wednesday, European Council President António Costa addressed the European Parliament in Strasbourg to present the conclusions of the October 15-16 summit. He emphasized the urgent need for a coordinated European response to rising energy costs that have placed significant financial strain on households and businesses across the continent. Costa reported that since the onset of the conflict in the Middle East, the European Union's expenditure on imported fossil fuels has increased by 5 to 6 billion euros without any corresponding increase in actual energy production.

To address this crisis, the European Council has requested that the European Commission explore additional short-term relief measures. As part of the immediate response, the EU has already coordinated the release of 5 million barrels of oil and diesel. However, Costa stressed that such emergency interventions are insufficient to resolve structural energy issues. He outlined a long-term strategy centered on reducing dependence on foreign fossil fuels by boosting domestic energy production through investments in renewable energy sources and nuclear power, while modernizing energy infrastructure to ensure future stability.