EU member states must coordinate on energy prices amid Iran conflict, von der Leyen says

The European Union's member states must coordinate on energy prices amid a 22 billion euro ($25.70 billion) increase in ⁠fossil fuel bills since ⁠the start of the Iran war, EU Commission President Ursula von der Leyen said on Monday.

"We're also looking into ... ⁠coordination of member states' gas storage filling to avoid that many member states go to the market at the same time," von der Leyen told reporters in Brussels.

"And we will coordinate oil stock releases, to achieve the largest possible effect, and we will ensure that member states' emergency measures will ⁠not ⁠impact the single market."

The EU Commission is planning to publish proposals for energy price measures on April 22, to be discussed by EU leaders at their informal summit next week.

Separately, the EU's executive arm will present an electrification strategy before the ⁠summer, von der Leyen said as she stressed the need for structural measures to lower energy prices as well.

"We are paying a very high price for our global dependency on fossil fuels, and the grim reality for our ⁠continent ‌is fossil ‌fuel energy will remain the ⁠most expensive option in ‌the years to come," von der Leyen said.

"Our strategy to decarbonize has ⁠not only been confirmed in the ⁠last years, but is growing in importance ⁠day by day," she added.