The European Commission unveiled plans on Wednesday to lower electricity taxes and coordinate national efforts to replenish natural gas reserves during summer, in an attempt to buffer the impact of the Iran war on energy markets. The proposed measures indicate that the EU will currently avoid major market interventions such as capping natural gas prices or imposing windfall profit taxes on energy companies. The Commission stated it will revise EU rules to ensure electricity taxation remains below natural gas taxation, making it easier for national governments to reduce or eliminate electricity taxes for industrial users and vulnerable households, thereby lowering electricity bills. Energy Commissioner Yorgen said the damage inflicted on Middle Eastern natural gas infrastructure by the Iran conflict means energy prices will remain above expected levels "for several years to come," underscoring the need for the EU to "urgently move away from reliance on natural gas" and "accelerate the development of more clean energy." In the short term, this may further benefit China's exports of new energy products.
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Original article: toutiao.com/article/1863233765247179/
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