European Commission President José Manuel Barroso told EU leaders that Europe should rein in its annual €310 billion spending – equivalent to 2.5% of GDP - on oil and gas imports.
"Major efforts are needed to modernise and expand Europe's energy infrastructure," a summit accord said.
At the heart of the summit declaration was a realisation that industry is not delivering some critical energy infrastructure and that taxpayers will soon have to step in.
The summit accord acknowledged that further green growth would require a high-tech "smart" power grid - estimated to cost about €200 billion - to carry wind power from the north and solar power from the Mediterranean to central cities such as Paris and Prague.
As well as building such computer-assisted grids, the European Commission was tasked with developing standards for charging electric cars, growing sustainable biofuels and financing an energy grid overhaul.