Thursday, February 26, 2015

EU unveils plans for historic single energy market

The EU unveiled plans on Feb. 25 for a continent-wide single energy market to reduce its uneasy reliance on Russian supplies and cut a massive annual import bill of 400  billion euros. The European Union imported 53 percent of its energy needs last year , a dangerous vulnerability in itself at a time of growing global insecurity, not least tensions with Russia. The plans for 'energy union' include completing the single market, increasing energy security, boosting efficiency, reducing the use of fossil fuels and increased research on new energy sources. Some 75 percent of the EU housing stock is energy inefficient, the transport sector relies on oil, 90 percent of which is imported, while distorting subsidies cost 120 billion euros, the report said. Worse still, EU electricity prices are 30 percent higher than in the United States and gas prices more than double, putting the bloc at a serious economic disadvantage. Read more at http://www.hurriyetdailynews.com/