Claude Turmes, the Green MEP from Luxembourg who was leading the negotiation on behalf of the European Parliament, appeared moderately satisfied after the agreement was struck.

“This deal will give a boost to Europe's economy and help achieve our energy security and climate goals," he said.

"The new energy efficiency legislation sets out binding measures, which will go a significant way towards bridging the current gap the EU is facing with regards to meeting its pledge to reduce energy consumption 20% by 2020,” he explained.

However, just last week, Turmes had calculated that the current compromise would result in only 14.5% total energy savings by 2020, well short of the 20% goal that member states had previously agreed on in principle at an EU summit in 2007.