European Commission President Ursula von der Leyen has urged member states to reduce their overall electricity consumption.
She made the call in the wake of surging gas and electricity prices as a result of Russia's invasion of Ukraine.
Delivering her annual State of the Union address at the European Parliament Wednesday, she announced plans to create a new European Hydrogen Bank to help guarantee the purchase of hydrogen, notably by using resources from the Innovation Fund.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.