Will EU's Electrification Action Plan replace one volatility with another?

Following the disruption in the Strait of Hormuz, the European Commission published its Electrification Action Plan on 17 July 2026. The central message is clear: dependence on imported fossil fuels remains an economic liability. Yet while Brussels wants electricity to replace oil and gas across multiple sectors, the economics are still challenging. With electricity costing almost three times as much as gas, electrification remains a policy ambition rather than an active implementation.