EU Chief Calls for Energy Transition as Fossil Fuel Imports Cost Bloc Extra 119 Billion Dollars

BRUSSELS, October 16, 2026 — European Commission President Ursula von der Leyen has renewed calls for Europe to transform its energy consumption, warning that dependence on imported fossil fuels has cost the bloc an additional €106 billion ($119 billion) without providing any extra energy.

Speaking after an EU leaders’ summit in Brussels on Friday, von der Leyen said Europe’s reliance on imported oil and gas continued to leave its economy vulnerable to geopolitical developments beyond its control.

She noted that gas prices had risen by approximately 140% since late February, while diesel prices had doubled, demonstrating the economic impact of the ongoing energy crisis.

Von der Leyen urged European countries to replace imported fossil fuels with electricity generated within the bloc. She stressed the importance of continuing the transition towards affordable, cleaner and domestically produced energy, including nuclear power and renewable sources.

European Council President Antonio Costa also warned that high and unpredictable energy prices were placing pressure on households and businesses, while undermining Europe’s economic competitiveness.

Costa said Europe was experiencing the consequences of its dependence on fossil fuels and the lack of a fully integrated single energy market. He also announced plans to convene an informal meeting of EU leaders in Alden Biesen, Belgium, in February 2027 to review progress on defence and competitiveness.

EU Announces Short Term Measures to Ease Energy Costs

Von der Leyen outlined several measures agreed upon by EU leaders to limit the effects of rising energy prices.

The measures include releasing 100 million barrels of oil and diesel over four months under the management of the International Energy Agency. The bloc also plans to extend the scope and duration of a temporary state aid framework introduced in February and delay implementation of its methane regulation by one year.

In addition, the EU will launch a strategic dialogue on the European refining industry to strengthen domestic processing capacity and help reduce prices.

Von der Leyen also called for a substantial and rapid rebalancing of the EU’s economic relationship with China.

She said the bloc’s trade deficit with China had reached €1 billion per day in 2025 and warned that the imbalance could grow further in 2026.

EU Reaffirms Support for Ukraine and Reviews Migration Policy

Costa reiterated the European Union’s commitment to supporting Ukraine, saying the bloc had identified resources to meet the country’s financial requirements for 2026.

He called on the European Commission to develop proposals addressing Ukraine’s additional funding needs for 2027.

Von der Leyen said Ukraine faced a financing shortfall of €70 billion next year and urged international partners to increase their financial contributions.

On migration, Costa reported that irregular crossings into the EU had fallen to their lowest level since 2021. However, he acknowledged that further improvements were needed in the bloc’s migration and asylum systems.
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