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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.