EU warns of 100B euro energy cost in 2026
The European Union's Energy Commissioner, Dan Jørgensen, stated that rising energy prices will cost the Union approximately an additional 100 billion euros in 2026, despite no increase in imported amounts of oil and gas. This reflects a poor reliance on external energy sources and issues of sustainability. He emphasized that the price hikes are harmful to citizens and industry, and that the solution lies in boosting the use of local renewable energy. Data indicates that the EU's energy imports in 2025 amounted to 723 million tons valued at 336.7 billion euros. These remarks come amid disturbances in global energy markets since the outbreak of the US-Israeli war on Iran and escalating tensions in the Strait of Hormuz.
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