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EU Nations Spend $113 Billion Extra on Energy, Urge Shift to Green Alternatives
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CNBC TV18•29-09-2026, 17:15
EU Nations Spend $113 Billion Extra on Energy, Urge Shift to Green Alternatives
- •EU nations have spent over $113 billion extra on energy imports since the Iran war began, prompting a push for alternatives to fossil fuels.
- •Consumers in some European countries are paying nearly 50% more at the pump due to the closure of the Strait of Hormuz.
- •EU energy commissioner Dan Jorgensen highlighted that despite the massive spending, no additional gas or oil has been secured.
- •Ministers plan to accelerate the shift from fossil fuels to electricity and expand electrical infrastructure, reducing dependency on external energy sources.
- •Concerns rise over potential US diesel export bans, which could impact Europe's winter supply, emphasizing the need for energy independence.
Key Questions Answered
European Union nations have spent over 100 billion euros, which is equivalent to USD 113.5 billion, in extra energy import costs since the outbreak of the Iran war.
Fuel prices skyrocketed and consumers began paying nearly 50 percent more at the pump following the closure of the Strait of Hormuz, a crucial shipping waterway for global oil.
EU energy ministers are discussing plans to accelerate the transition from fossil fuels to electricity, expand electrical infrastructure across the bloc, and shift toward homegrown green energy.
