The European Parliament approved, 625-20, energy efficiency legislation September 11. The legislation is designed to help the European Union reduce energy consumption 17 percent by 2020 and save as much as $75 billion annually via reduced fuel imports. It is also expected to help boost employment because of a series of mandatory renovation requirements for some publicly owned buildings. The measure will require power companies to achieve new savings of 1.5 percent annually from 2014 to 2020 and requires companies to complete a mandatory energy audit within three years of the legislation taking effect, and to repeat the process every four years.