On June 22, The European Commission proposed new energy efficiency legislation that would introduce mandatory power cuts by utility companies and quotas for the renovation of public buildings, but stopped short of mandatory member-state savings targets. The new proposal, which needs the approval of European Council of Energy Ministers and the Parliament, power companies would have to save 1.5%, on an annual basis, of their energy sales by volume through assistance to customers that will help reduce consumption. Pointing out that the government owns 12% of all buildings in the EU, the proposal would require energy efficiency renovations annually on 3 percent of the total floor space of each building as of 2014. The legislation also includes measures promoting more effective metering in households, mandatory energy auditing for large companies and incentives for small and medium-sized companies to audit as well. This proposed legislation comes in light of the EU’s goal of reducing energy consumption via energy efficiency measures by 20 percent by 2020.