Mr Piebalgs said: "Our main tool to drive the energy sector towards a low-carbon system is the price of CO2 in an open market.
"We have also provided a clear regulatory framework to promote renewable energy sources and energy efficiency."
He added that the European Commission is also trying to increase the amount of research into carbon emission reduction technologies.
Meanwhile, Europe's biggest liquefied natural gas terminal was opened by the Queen this week, causing industry experts to speculate that the cost of the fuel will come down.
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