France leads calls to reform ‘absurd’ EU energy market

(EurActiv, 10 Mar 2022) Reforming an “absurd” European electricity market still dependent on the price of fossil fuels is one of France’s medium-term projects to achieve energy independence, as explained by French economy minister Bruno Le Maire.

Le Maire spoke on Tuesday (9 March) at a conference organised by the French EU Council Presidency on “Strengthening European energy autonomy and achieving a successful ecological transition” .

The EU’s energy independence strategy, which will be at the centre of discussions at an informal summit of EU leaders in Versailles on 10-11 March, appears consensual but the 27 EU member states still need to decide how to achieve it.

According to Le Maire, the timetable for the implementation of this strategy will see short-, medium-, and long-term actions intertwined. Among them, the reform of the energy market is for the medium term.

“A European energy market in which the price of decarbonised electricity remains dependent on the price of fossil fuels is absurd,” said the minister. “The more the price of gas soars, the more everyone can see this reality.”

Le Maire proposed setting prices according to “the average production cost of decarbonised energies and not the price of fossil fuels, and certainly not the price of gas”.

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EurActiv, 10 Mar 2022: France leads calls to reform ‘absurd’ EU energy market