Europe's dependence on energy imports expected to rise to 70 %

Nov 20, 2006 01:00 AM

Europe's dependency on energy imports will rise from 50 % today to 71 % in 2030, according to a report adopted by the Economic and Monetary Affairs Committee of the European Parliament.
The report calls for massive investment in energy infrastructure and supply and new measures to improve energy-efficiency.

MEPs in the committee assert that oil price increases have reduced growth, investment and employment in the EU. The transport and housing sectors in particular are most affected.
The EP asks the European Commission and Council to draw up a detailed plan to reduce EU dependence on oil imports and for a shift toward clean energy.

The report calls for an integrated EU emergency mechanism for security of supply to increase the minimum oil stock from 90 to 120 consumption days and develop a minimum gas stock of at least 90 days.
It suggests following the US model of publishing weekly breakdowns of European oil and oil product stocks.

Source: IRNA
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