Brussels, 26 February 2025 (dpa/MIA) - The European Commission on Wednesday presented an action plan to decrease comparatively high energy prices in the European Union which are seen as an obstacle to competitiveness and growth.

"We’re driving energy prices down and competitiveness up," European Commission President Ursula von der Leyen said.

"We have already significantly reduced energy prices in Europe by doubling down on renewables. Now, we are going a step further," she said.

The plan aims to bring savings for businesses and households worth €45 billion (€47.2 billion) in 2025, then progressively increase them to €130 billion annually by 2030 and reach savings of €260 billion per year by 2040.

The savings are to be generated by the expansion of renewable energy generation in the EU, increased energy efficiency and better interconnections, a press release said.

The commission also recommended to EU member states that they reduce national electricity taxes and make it easier for consumers to switch providers.

MIA file photo