Need for speed as EU launches debate on electricity market reform

(EurActiv, 19 Jan 2023) The European Union needs to reform its electricity market as quickly as possible in order to stabilise prices for consumers and stimulate investment in renewables, EU politicians have told EURACTIV.

In response to soaring energy bills, the European Commission is preparing an overhaul of its electricity market with the objective of spreading the benefits of cheap renewables to all consumers.

“The current crisis has shown how vulnerable the current design of the electricity market is to stress situations, as well as the tremendous consequences for domestic consumers and, undoubtedly, a total risk of demand destruction due to the increase in energy poverty,” Teresa Ribera, the Spanish minister for the ecological transition, wrote in an opinion piece for EURACTIV.

Speaking to EURACTIV in Abu Dhabi during the International Renewable Energy Agency (IRENA) assembly, Ribera said that “we need to provide an answer that gives reasons to support this transformation” both for investors and consumers.

The European Commission is expected to table its market reform proposal in March, preceded by a public consultation, which is due out in the coming days.

EU countries are also looking into the reform and will start discussions on Tuesday (17 January) in an energy working group led by the Swedish EU Council presidency.

External link

EurActiv, 19 Jan 2023: Need for speed as EU launches debate on electricity market reform