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This At a glance note summarises the study Tproviding information on the current and potential impact of the gas supply crisis on the Just Transition Plans (JTPs). The evidence is based on the analysis of EU gas and energy supply dependencies, trade linkages with Russia, the general EU’s policy framework, Just Transition Mechanism (JTM), REPowerEU plan and the investigation of six case studies. It concludes with specified policy recommendations reflecting the implemen tation of the JTM, the JTPs ...

The fishing sector is facing major challenges in the accelerating energy crisis, owing to its high dependency on the stable supply of fossil fuels at low prices. This report reviews the literature on drivers of energy use, identifies potential reduction measures and provides an overview of opportunities for using alternative fuels in the fishing sector. Each measure is evaluated in terms of greenhouse gas emission reduction potential and costs, and challenges and policy options that could facilitate ...

The project provides information on the current and potential impact of the gas supply crisis on the Just Transition Plans (JTPs). The evidence is based on the analysis of EU gas and energy supply dependencies, trade linkages with Russia, the general EU’s policy framework, Just Transition Mechanism (JTM), REPowerEU plan and the investigation of six case studies. It concludes with specified policy recommendations reflecting the implemen¬tation of the JTM, the JTPs in the light of risks of the energy ...

That the EU imports almost 60 % of its energy shows that real EU strategic autonomy in energy is far from achieved. The current energy crisis poses a risk to all four EU energy policy objectives. Crisis in the energy market is causing public and private debt and inflation, which risks destabilizing the European energy market. While diversifying gas imports away from Russia reduces dependency on one big supplier, reliance on several other third countries implies new supply risks. Although high fossil ...

This study analyses the design and functioning of windfall profit taxes for energy suppliers in the EU. Based on profit data from 2021, the estimated revenue gains from the solidarity contribution amount to 4.4 bn EUR for the selected sample of firms. Applying the revenue cap to power prices of 2022 suggests a tax revenue of 106 bn EUR. The actual tax revenue might diverge substantially from these numbers due to different energy price levels during the application period. The revenue can be redistributed ...

The ongoing energy crisis and its related challenges of energy security concerns and high energy prices have put the spotlight on the EU's domestic production and use of energy in general and renewables in particular. The 2018 Renewable Energy Directive (RED) requires the EU to achieve a 32 % share of renewable energy sources (RES) in gross final energy consumption by 2030. The Commission has since proposed a revision of the renewables target to 40 % as part of the 'fit for 55' package, in the context ...

The surge in inflation rates experienced by the euro area since the beginning of 2021 is rooted in supply shocks that have led to bottlenecks and an energy crisis. This paper shows that the shifts of inflation expectations into prices could cause some persistence in the excessive inflation process. In this last respect, the flatness of the Phillips curve implies that the unemployment-inflation sacrifice ratio is high; hence, there are substantial costs of bringing inflation down through a contraction ...

The Parliament is due to vote in plenary in March on a report from the Committee on Industry, Research and Energy (ITRE) on the proposal to revise the Energy Performance of Buildings Directive, part of the 'fit for 55' package. Once adopted, this will set Parliament's position for trilogue negotiations with the Council.

The 2022 energy crisis following Russia's aggression against Ukraine brought about challenges relating to energy security and affordability in the EU. Thanks to several measures taken last year, energy shortages have so far been avoided. However, the EU must now prepare for next winter, when it might be more difficult to ensure sufficient gas storage. Members of the European Parliament will have the possibility to question the European Commission on this topic at 'question time' during the March ...

The energy crisis of 2022 has brought new challenges for the EU electricity market. Concerns over very high prices (driven in part by their coupling with gas prices), security of energy supply, and the need to increase decarbonisation have sparked discussions on the need to redesign the EU's electricity market. The EU has already taken a number of short-term measures to contain the energy crisis. The REPowerEU plan of May 2022 was introduced to phase out Russian fossil fuel imports, diversify supplies ...