The European Commission DG Energy has presented the REPowerEU plan, which is intended to reduce dependency on Russian fossil fuels and to accelerate other parts of the “Fit for 55” and other initiatives. The press release can be found here with the full communication here. There have been calls from the industry to moderate plans for market interventions leading up to this announcement (see here).

The “ENVI” committee of the European Parliament has voted in favour of the acceleration of various parts of the “Fit for 55” package, including the speeding up of the reduction in permits as well as proposals to limit access to the ETS by “speculators”. The announcement can be found here. This article on the Bloomberg web site suggests that some of the proposals will not make it through the plenary vote to be held in early June.