Thank you Vice-President, Honourable Members,

According to Google, in my home country the most searched name last year was Taylor Swift. In Strasbourg and Brussels, I guess it was Mario Draghi.

The Draghi report is important and mentions energy 700 times. Why?

European industries pay 2-3 times more for energy than their competitors in the US and China.

Last year, nearly 47 million Europeans could not adequately heat their homes due to high prices.

Since the war began, Europe has imported fossil fuels from Russia equal to the cost of 2,400 F35 jets. For our solidarity with Ukraine and Europes security, this must stop.

We need to fight harder to decarbonise our economies. When the US steps out of the Paris Agreement, Europe must step up.

Thats why the Commission has presented the Action Plan for Affordable Energy, a strategy to reduce energy costs and build a clean, competitive, and secure Energy Union for future generations.

The first pillar of our plan focuses on immediate steps to lower energy costs.

We outline how Member States can address inefficiencies in network tariffs and taxation to achieve a more rational energy system with lower prices.

We promote the rapid deployment of clean, affordable energy and significantly reduce permitting times for clean energy projects.

We respond to Professor Draghis recommendation to decouple electricity prices from gas prices by promoting longer-term renewable energy contracts.

Additionally, gas remains a significant part of our energy mix. Our Action Plan targets fairer gas markets.

The second pillar addresses structural drivers of high energy costs that require long-term solutions.

We accelerate our path towards a genuine Energy Union that delivers competitiveness, security, decarbonisation, and a just transition.

This means massive investments in grids and interconnectors. According to Commission estimates, the EU needs over EUR 570 billion annually to boost renewables and energy efficiency.

We will introduce a Clean Energy Investment Strategy later this year to streamline the use of financial instruments.

We must also modernize our systems through electrification and digitalization.

Increased electrification could cut energy system costs by €32 billion annually by 2030.

The third pillar ensures scale and certainty for investments by establishing a tripartite contract for affordable energy.

Our goal is to enable shared commitments and coordinated planning, providing stability and encouraging investments.

The final pillar acknowledges that the energy crisis exposed critical vulnerabilities in our energy system – we need to be better prepared.

We will revise the EU Energy Security Framework to strengthen resilience against emerging threats.

We will also enhance our crisis response to better prepare for situations like last summers in Southeast Europe.

All these actions together could deliver €45 billion in savings in 2025, growing to €130 billion annually by 2030, and to €260 billion annually as of 2040.

If we implement these measures, we will become much more independent of Russian fuels and significantly improve our competitiveness.

Thank you!