EU Plans Electricity Tax Cuts to Counter Energy Crisis

The European Commission is preparing to unveil a strategic response on Wednesday to mitigate the fallout from a second major energy crisis in four years. According to draft proposals, the executive body aims to reduce electricity taxes and coordinate the replenishment of gas storage facilities across member states as regional instability involving Iran escalates. Unlike the emergency interventions of 2022, prompted by supply cuts from Russia, the EU is currently avoiding aggressive measures such as price caps or windfall taxes on energy firms.