EU Paid $113 Billion Extra in Energy Costs Without More Gas or Oil, Commissioner Says

The European Union has paid an additional $113 billion in energy costs without receiving more gas or oil in return, according to a commissioner overseeing the bloc's energy policy.

The commissioner, Jorgensen, said the figure reflects the EU's continued reliance on imported energy, which leaves the bloc exposed to global price increases even when the volume of energy it receives does not rise.

The comments point to ongoing concerns within the EU about energy security and cost volatility, issues that have been in sharp focus since the bloc moved to reduce its dependence on Russian energy supplies in recent years.

European policymakers have been pursuing efforts to diversify energy sources and expand renewable capacity in an attempt to reduce exposure to price shocks tied to global fossil fuel markets.

The commissioner's remarks underscore the financial toll that shifting energy supply chains and price volatility have placed on the bloc's economy, even as it works toward long-term energy security goals.