European Commission wants to cut natural gas demand by two-thirds

The European Commission is considering replacing, by 2040, two-thirds of natural gas consumption and half of oil consumption by electrifying end uses. To this end, the Commission wants to reduce the price of electricity so that it does not exceed 2.5 times the price of natural gas for households and 2 times the price of natural gas for businesses by 2030, and to develop 100 GW of renewable electricity generation capacity per year over the next five years. The Commission also says it wants to propose measures to end fossil fuel subsidies, as well as a European framework allowing member states to reduce value-added tax on equipment related to electrification.