EU Commission to propose binding electrification target by 2040, leaked draft reveals (euobserver.com)

• EU Commission to propose binding electrification target for 2040, target not yet specified.
• Draft cites Middle East crisis, additional €50bn spent on fossil fuel imports in 111 days.
• Electrification could replace two-thirds of gas demand, halve oil consumption by 2040, saving €200bn.
• EU electrification rate stagnant at 23%, compared to over 30% in China, Japan, South Korea.

"The European Commission will propose a binding EU-wide electrification target for 2040, according to a leaked draft of its Electrification Action Plan. The target aims to cut oil and gas dependence, citing the recent Middle East crisis that cost the EU €50bn in additional fossil fuel imports over 111 days. The Commission estimates electrification could replace two-thirds of gas demand and halve oil consumption by 2040, saving €200bn in imports. High electricity prices are identified as a key barrier."