EU-wide energy network to regulate control and cut cost to consumer

Proposals to revolutionise Europe’s energy market, cutting the price of electricity and gas and creating an EU-wide network, have been unveiled by the European Commission.

Hard-hit consumers, both domestic and industrial, would benefit hugely from the opening up of the market and creating a Europe-wide grid, Commission President José Manuel Barroso said.

The proposed new laws would also prevent energy giants from outside the EU, such as Gazprom in Russia, from taking control of Europe’s energy.