On 17 July the European Commission presented the Electrification Action Plan and the proposed Future-Proofing Energy Bills regulation, together with the package revising the ETS. The plan sets an indicative target — electricity to account for 46% of the Union's final consumption by 2040 — and calls on Member States to bring the ratio between electricity and gas prices for industrial consumers down to a maximum of 2 by 2030.
The ETS revision slows the reduction of allowances after 2030 and confirms free allocation for exposed sectors, making it conditional on decarbonisation plans and on investment within the Union; for CBAM sectors, the phase-out of free allowances is postponed to 2038. Confindustria considers the proposal insufficient: its effects materialise largely after 2030 and it does not address the level and volatility of the CO₂ price.
Against this backdrop, European gas storage fell to an average of roughly 55% at the end of July, a historical low, while in Budapest an emergency decree now governs the disconnection of large electricity consumers. For member companies, energy is at once a cost item and a condition for keeping production running.
