Brussels is looking for a long-term fix, putting both renewables and nuclear back on the table after the Strait of Hormuz closure sent energy bills soaring. Watch the video!
The closure of the Strait of Hormuz has caused energy prices to surge across Europe. Brussels states that the solution is to accelerate the permanent transition away from fossil fuels.
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European Commission President Ursula von der Leyen put the cost bluntly on April 13: €22 billion in additional fossil fuel import bills in just 44 days since the US-Iran conflict began, with no extra energy to show for it.
She recommends expanding renewables and nuclear, which already provide over 70% of Europe's electricity. However, the Commission identifies key challenges: limited storage, outdated grids, and wasted clean power. Brussels is expediting its grid modernisation package for implementation this summer.
Nuclear energy has returned to the forefront of the debate, with 15 member states supporting it through the European Nuclear Alliance. There is also growing momentum to deploy Small Modular Reactors in the early 2030s.
On April 22, the Commission announced an emergency package that includes coordinated EU gas storage, joint oil reserve releases, household income support, and expedited flexible state aid rules.
This marks Europe's second major energy crisis in three years. Brussels says that the objective is not to manage future shocks, but to prevent them.