Europe is preparing to deal with the second energy crisis in four years.

The European Commission will announce a plan on Wednesday to reduce electricity taxes and coordinate the replenishment of summer natural gas reserves in order to mitigate the energy impact of the Iran war. The draft plan seen by the media shows that the EU currently intends to avoid significant market interventions, such as limiting natural gas prices or imposing windfall taxes on energy companies - measures that were used when Russia cut off natural gas supplies in 2022, leading to record high gas prices. According to the draft, the European Commission plans to limit EU tax rules to favor the electricity industry over the oil and gas industry, and make it easier for governments to reduce electricity taxes in the industry to zero. The draft may still change before it is officially released. The EU will also intervene to coordinate efforts by countries to replenish natural gas reserves in the coming months, and provide guidance on how governments should respond to potential shortages of aviation coal.