European Union takes step of flexibility in methane rules to lower energy costs

Speaking at the European Parliament, European Commission President Ursula von der Leyen announced that energy exporters will be granted an additional year of flexibility in methane rules to reduce the extra costs that have increased during the crisis period.

Decision for flexibility in methane rules

European Commission President Ursula von der Leyen made evaluations regarding energy markets at the European Parliament General Assembly session in Strasbourg.

Stating that they cooperate with international partners on energy supply, von der Leyen announced that exporters will be given an additional year of flexibility under methane rules, which will thereby alleviate additional costs during the crisis period.

Global markets and refinery steps

It was stated that the G7 countries' decision last week to release 100 million barrels of diesel and crude oil reserves will contribute to the stabilization of global prices.

Additionally, it was noted that a strategic dialogue will be initiated regarding refineries in Europe, aiming thereby to lower costs and secure necessary supplies, including in the defense sector.

Rising energy costs and economic pressure

Pointing out that families and industry in Europe are paying the price for cross-border crises, the statement emphasized that natural gas prices have surged by 140 percent and diesel prices have doubled since the end of February.

It was conveyed that the cost of imported fossil fuels has risen by 100 billion euros without yielding additional energy, that businesses are under intense pressure, and that citizens are struggling to pay their bills.

Russian gas dependence and renewable energy

It was reiterated that the share of Russian gas in imports has dropped from 45 percent previously to 12 percent and will be completely reduced to zero by the end of the year.

While pointing out that more than 70 percent of electricity across the EU is provided from domestic clean sources such as renewable energy and nuclear, it was noted that there is no single standard solution since member states face different pressures.