EU to cut electricity taxes and boost gas reserves amid record energy price shock

Brussels outlines sweeping measures including tax reforms, gas storage coordination and subsidies to shield economies from soaring energy costs

The Commission will set out plans to change ‌EU tax rules, to ensure electricity is taxed below fossil fuels. Picture: iStock

The European Commission will publish a package of measures on Wednesday seeking to offset surging energy prices, as countries grapple with the biggest shock to energy markets in history from the Iran war.

Here's how the European Union plans to respond.