EU states demand von der Leyen present fossil fuel exit plan

AI digestMimile.ai EditorialAugust 28, 2026 at 08:07 AM

This digest was compiled by AI from multiple sources — links to the originals are below.

EU states demand von der Leyen present fossil fuel exit plan

Four EU economies spent nearly 41 billion euros extra on fossil fuel imports from March to August 2026 due to the Iran war price surge. The Netherlands, Italy, France and Spain are among the ten hardest-hit countries, according to CREA. European and international organizations are urging Ursula von der Leyen to present a fossil fuel exit plan.

Key Facts

The Netherlands, Italy, France and Spain together incurred nearly 41 billion euros in extra fossil fuel import costs from March to August 2026 without increasing import volumes.
Italy bore the highest additional cost at 12.7 billion euros, followed by the Netherlands at 11.5 billion, France at 10.8 billion, and Spain at 8.8 billion.
The Iran war added more than 282 billion euros to global fossil fuel import bills, with oil accounting for 140 billion euros.
LNG prices rose 60 percent in the Atlantic basin and 75 percent in the Pacific basin, while diesel and gasoline prices jumped 59 percent since the US and Israel began the war against Iran on February 28.
In the EU wholesale market, a tonne of diesel now sells for over 1,250 dollars, 45 percent higher than at the Iran ceasefire and 70 percent higher than at the start of the conflict six months ago.

The Cost Surge

The Netherlands, Italy, France and Spain are among the ten countries hardest hit by additional fossil fuel import costs due to supply disruptions in the Middle East, according to a report by the Centre for Research on Energy and Clean Air (CREA). In 134 of 170 countries, diesel cost more than markets expected before the war began, the CREA report found. The four EU economies together incurred almost 41 billion euros in extra fossil fuel costs without increasing import volumes. Analysts say the data show how dependent European economies are on global oil and gas prices.

Price Movements

LNG prices rose 60 percent in the Atlantic basin and 75 percent in the Pacific basin. Diesel and gasoline prices jumped 59 percent since the US and Israel began the war against Iran on February 28. On the EU wholesale market, a tonne of diesel now sells for more than 1,250 dollars. That is 45 percent higher than at the Iran ceasefire and 70 percent higher than at the start of the conflict six months ago. According to the French Union of Petroleum Industries (UFIP), a litre of diesel sells for an average of 2.23 euros, while SP95 petrol costs just over 2 euros.

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EU states demand von der Leyen present fossil fuel exit plan

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Finance

European gas prices, not oil, drive inflation and bond yields

European natural gas prices have hit a five-month high as Europe competes with Asia for LNG supply ahead of winter. Bond yields in the UK and Germany have surged to multi-decade highs on inflation fears. The ECB is expected to raise rates again in September despite storage levels at a near two-decade low of 63%.

Finance

LNG supply crisis pushes buyers toward coal and oil

The Iran conflict has disrupted LNG shipments through the Strait of Hormuz and Bab el-Mandeb, driving European gas prices to four-month highs above €60/MWh. Asia, which accounts for nearly 90% of Middle East LNG exports, faces severe supply shortages. Even as QatarEnergy estimates 12.8 million tonnes per year of LNG capacity will be offline for three to five years, buyers are turning to coal and oil as substitutes.

Environment

Europe Faces 17-Year-Low Gas Storage and Tight Supply Before Heating Season

European gas inventories are at a 17-year low less than three months before the heating season, with supply available for purchase tighter than in 2022. Buyers must purchase gas now or risk winter shortages, as Qatari volumes have largely disappeared and EU sanctions on Russian LNG begin in January. New US LNG export capacity expected over the next year or two will arrive too late to ease this winter’s pressure.

Finance

EU drafts plan to electrify industry, cut oil and gas use

The European Union has drafted a plan to accelerate industrial electrification and reduce reliance on oil and gas, following supply disruptions from the Iran war. The proposal targets a 20% cut in fossil fuel use in manufacturing by 2030. It comes as EU leaders face pressure to secure energy independence.

EU states demand von der Leyen present fossil fuel exit plan

Key Facts

The Cost Surge

Price Movements

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