Europe must do more to bring down power bills for consumers as wholesale costs soar to levels last seen during the 2022 energy crisis, Eurelectric said.

Europe will release 42 million barrels of oil reserves into the market over the next three months as part of its commitment to ease prices, France’s economy minister Roland Lescure said Thursday.

German Chancellor Friedrich Merz expects the European Union to further water down emissions rules to extend sales of new fuel-burning cars beyond 2035, following a pact with France.

European Union leaders are searching for ways to ease soaring energy prices, but President Donald Trump’s war against Iran has left them with few affordable options.

The European Union will look to appoint a market operator to help the bloc procure energy as it struggles with a second price crisis in less than five years.

The Group of Seven nations and its partners plan to release as much as 100 million barrels of emergency oil and diesel stocks, capping a week of mounting pressure from the Trump administration to bring down soaring fuel prices.

France proposed that European countries and members of the International Energy Agency release 100 million barrels of diesel and crude oil, as Europe comes under mounting pressure from the Trump administration to help bring down fuel prices.

The European Union is coordinating a joint position with member states on emergency diesel stocks after the US requested a release to ease prices and avert an export ban.

French President Emmanuel Macron called on European Commission President Ursula von der Leyen to relax rules on oil products like diesel and kerosene as the US-Iran war threatens to trigger shortages.

The European Investment Bank is investing €40 million ($46 million) in a Finnish small modular reactor start-up, breaking a four-decade nuclear hiatus as the continent races to develop new clean energy technologies.

The European Union’s lead lawmaker on its carbon market reform is considering proposing a smoother pace of emissions cuts next decade in a draft plan due to be unveiled Friday.

Peter Lake, senior director of power at the White House’s National Energy Dominance Council, will leave the administration at the end of July.

The operator of America’s biggest electricity network is entering an emergency process to plug a projected supply shortfall.

New York City and the Northeast will see temperatures surge this week as another wave of sultry weather shifts across the eastern US and southern Canada.

The country’s biggest grid operator says consumption likely hit a record, smashing a high that had stood for about 20 years.

Thunderstorms are set to batter July 4 celebrations in Washington, DC, and New York as a waning heat dome continues to test electricity grids in the eastern US, following record power demand over the past few days.

A searing heat dome over the eastern US that’s disrupting some Independence Day festivities in Washington, DC, and drove power demand to record levels is threatening to bring potentially dangerous thunderstorms across the region this weekend.

A searing heat dome was set to push electricity demand across the eastern US toward record levels over the July 4 holiday, straining power grids and halting one of Washington DC’s main events for hours.

Power prices from New York to Virginia are surging as sweltering heat threatens to overwhelm US grids and upend travel for the Independence Day holiday.

With the US warning it could ship its energy elsewhere, some countries in Europe are urging the bloc to revisit the rules.