New EU Energy Union launched
A new EU ‘Energy Union’ was officially launched earlier in the week, reports Energy Live News.
The new proposals are to create a single energy market to help the EU lower prices, improve interconnectivity, move towards a lower carbon future, increase energy efficiency and counteract Russia’s ‘monopoly’ on gas supplies to the continent.
The EU announced its new strategy policy framework for an Energy Union on Wednesday (February 25) after many years of discussion.
It is yet to be formalised by Ministers and the EU Commission but is expected to be approved later this year.
The Energy Union will adopt a number of inter-related policies. These will include new laws to overhaul the electricity market and make gas contracts more transparent. There will be new legislation to secure supply for electricity and gas and more funding for energy efficiency and renewable power.