The European Union has unveiled its emergency gas rationing plan — a day before it fears Russia could drastically cut the flow of natural gas to the continent.

The "Save Gas for a Safe Winter" plan announced Wednesday sets a target for the 27 member states to reduce their gas demand by 15% between August and March next year. That reduction is based on countries' average gas consumption during the same months over the previous five years.

The plan is focused on curtailing demand by businesses and in public buildings, rather than private homes. Among the proposed measures, the EU Commission is encouraging industry to switch to alternate energy sources — including coal where necessary — and to introduce auction systems that compensate companies for reducing their gas consumption.

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The Commission is also hoping to pass a new law that would give it the power to force states to reduce their demand for gas "when there is a substantial risk of a severe gas shortage or an exceptionally high gas demand," it said in a press release.