Countries warn EU against 'crisis mode' overhaul of energy market

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Denmark, Germany, the Netherlands, Estonia, Finland, Luxembourg and Latvia have warned Brussels not to rush into major changes to the European Union's electricity market in response to the energy crisis, calling instead for limited tweaks to the system.

The countries said there was some room for improvement, particularly in light of soaring power costs last year. But any changes must ensure the market still functions and incentivises massive investment in renewable energy, they said.

The seven countries said in their letter that schemes to do this - like contracts for difference - could play a role but they should be voluntary, focus on new renewable generation, and still "react" to the market. In their letter, the seven countries backed an idea already mooted by the Commission to make it easier for consumers to choose between fluctuating and fixed-price power contracts.

 

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