European Commission presents energy cost reduction package in Nicosia

On Wednesday, the European Commission introduced a new package of energy cost reduction measures at the informal Energy Council in Nicosia. Presented by Commissioner for Energy and Housing Dan Jørgensen, the proposal is part of the 'AccelerateEU' program designed to help member states mitigate the impacts of the energy crisis linked to the conflict in the Middle East. The strategy focuses on three pillars: protecting consumers and industry while maintaining green transition goals, immediate energy saving through clean technology, and increasing investments in efficiency. The Commission estimates that accelerating the implementation of current EU rules could reduce natural gas demand by 10 to 15 billion cubic meters per year. Additionally, oil usage could decrease by 15 to 20 million tonnes of oil equivalent annually. Cyprus was highlighted as a successful example, specifically citing its 2021 subsidy program for replacing inefficient household appliances for vulnerable populations. The measures aim to provide immediate relief while fostering long-term resilience in the European energy system.