The European Union's economy should reach a 46 percent electrification target in transport, industry and buildings by 2040 in order to cut €260 billion per year in imported fossil fuel costs, the EU Commission said on Friday as it unveiled a set of proposals to ease the process.
The proposed measures include reforms to fees charged by energy network operators, energy taxation, and building efficiency.
Brussels is stepping up its electrification efforts as part of a scramble to find quick solutions to offset the loss of oil and gas from the Strait of Hormuz, which exposed the EU's severe dependence on imported fossil fuels.
However, without incentives to reduce high electricity prices, the Commission's plan to electrify the economy could be a hard sell.
Brussels has recognised that electricity remains more heavily taxed than gas in some EU countries. As previously noted by Commission President Ursula von der Leyen and Council President António Costa, this weakens incentives for households and businesses to switch to cleaner technologies such as heat pumps and electric vehicles.
