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EU clinches deal on electricity market reform, leaves options open for coal and nuclear
(EurActiv, 14 Dec 2023) The European Union reached a political agreement on Thursday (14 December) to reform the bloc’s electricity market, ending months of protracted talks between the European Parliament and EU member states on how to finance new low-carbon generation capacity.
“Today, the Council and the Parliament reached a provisional agreement to reform the EU’s electricity market design (EMD),” said a statement released by the presidency of the Council of the EU, currently held by Spain.
The EU’s plans, tabled by the European Commission in March, are aimed at making the market less vulnerable to volatility and were presented as a response to Russia’s invasion of Ukraine, which sent energy prices spiralling for consumers and businesses last year.
“The reform aims to make electricity prices less dependent on volatile fossil fuel prices, shield consumers from price spikes, accelerate the deployment of renewable energies and improve consumer protection,” the Council statement said.
The deal will now have to be formally adopted by both the Council and Parliament before it becomes law, a process which is usually a rubber-stamping exercise.
EurActiv, 14 Dec 2023: EU clinches deal on electricity market reform, leaves options open for coal and nuclear
