Markets 
Published on
The ongoing blockade of the Strait of Hormuz is rising concerns over shipping safety while driving up oil and gas prices.
Euro-super 95 petrol stood at €1,827.36 per litre, while diesel was at €2,007.67 per litre in the EU, according to the European Commission’s Weekly Oil Prices Bulletin of 23 April.
On 22 April, Commission President Ursula von der Leyen presented AccelerateEU, Europe’s new plan to boost energy security and reduce dependence on foreign fossil fuel.
The roadmap is the second major energy plan adopted by the EU together with REPower EU in 2022.
AccelerateEU wants to “bring both immediate and more structural relief measures to European citizens and businesses”, von der Leyen said.
The plan pushes for coordinated gas storage among member states while easing state aid regulations.
Brussels urges national governments to provide support to vulnerable groups through income support schemes, energy vouchers and lower excise duties.
The Electrification Act boosts energy independence by shifting from fossil fuels toward electricity as the dominant energy source for transport, industry, buildings, and heating. Increasing energy efficiency to reduce demand is also on the agenda.
Measures also foresee an increase in energy production through renewable sources, aiming to raise the current 70 per cent share of green energy generation.
The Commission anticipated the adoption of the Grids Package to summer 2026 to accelerate the modernisation of Europe’s 11-million-kilometre-long energy infrastructure to make sure that the push for renewables does not fall short.
The Commission will also establish a Fuel Observatory to monitor imports exports of transport fuels and warn member states in the event of fuel shortage.
As a final step, the EU plans to increase private energy investment through through high-level events like the Clean Energy Transition Investment Forum in May 2026, and the Clean Energy Investment Summit still foreseen this year.
Do you want to know how AccelerateEU can contribute to avoid a new energy shortage? Ask the Euronews AI chatbot!
Read the full article here
