STORY: The European Commission set out plans on Wednesday to cushion the energy fallout from the Iran war.
It's to cut electricity taxes and coordinate the summer refill of countries' gas storage.
The published plans show the EU will, for now, avoid major market interventions such as capping gas prices or taxing energy companies' windfall profits.
It used those measures in 2022 when Russia cut gas supplies and prices hit record highs.
EU Energy Commissioner, Dan Jorgensen:
"We will therefore work with member states to refill our gas stocks in time for next winter without adding unnecessary pressure on markets."
The Commission will publish legal proposals to change the tax rules in May.
Tax changes require unanimous approval from EU countries, making them difficult to pass.
Europe's heavy reliance on oil and gas imports has left it exposed to spiraling prices.
Particularly since the Strait of Hormuz, a vital fuel shipping route, was effectively closed.
European gas prices have increased by a third since the U.S.-Israeli war with Iran began at the end of February.
Still, gas prices remain far below 2022 levels and so far, the Iran crisis has not triggered fuel shortages in Europe.
However, airlines have warned jet fuel shortages could emerge in weeks.
