Five-point plan to react to the surge in oil prices

Reducing demand for energy

To make further progress in this area Commissioner Piebalgs signalled his intention to

(i) accelerate the European Action Plan on energy efficiency,

(ii) increase pressure for the full and rapid implementation of the new Buildings Directive,

(iii) push strongly for an agreement on the Energy Services Directive in the December Energy Council,

(iv) promote more effective international action on energy efficiency, both through its bilateral contacts and the IEA,

(v) promote, together with the UK Presidency, an international conference on energy efficiency in November, and

(iv) establish the Sustainable Energy Forum, first meeting on the 13 - 14 October 2005.

Increase reliance on other forms of energy
Commissioner Piebalgs will

(i) table a biomass Action Plan before the end of the year,

(ii) press strongly for an increase in research on wind, wave and solar, hydrogen, clean coal and carbon sequestration in the context of the FP7,

(iii) table a Communication on bio-fuels in early 2006 and

(iv) in 2005, table a Communication on the financial support schemes of renewable energy sources in the different Member States.

Increase transparency and predictability of oil markets

Commissioner Piebalgs will

(i) instruct his services to publish as soon as possible, twice monthly consolidated statistics on oil security stocks in the EU,

(ii) establish a new Unit in DG TREN, the “Oil and Gas Market Observatory Unit”, to improve statistics and transparency. A proposal for a better resourced European Energy Observatory will be presented in the coming months; (iii) give priority in its energy dialogues with OPEC, Russia and Norway to work together to improve transparency and

(iv) create the Fossil Fuels Forum to identify how to improve the stability and predictability of oil and gas markets. It will meet for the first time on 20 October in Berlin.

Increase the supply of oil and gas

The Commission can contribute by

(i) working together with producer countries through the EU’s energy to promote further investment and a better investment climate, and

(ii) the Energy Commissioner will hold talks with the major European oil companies to ensure that the companies and the Commission are playing their respective roles to the full in meeting this objective.

React effectively to emergency situations with respect to oil stocks

As a first step the Commission will convene the Community’s Oil Supply Group on a regular basis during the next months; the next meeting will take place on 9th September 2005. This issue will be further discussed at the first meeting of the Fossil Fuel Forum with the aim of tabling a revised proposal for some form of European co-ordination of oil stocks 2006.