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Electricity market 'not fit for purpose' - EU chief

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The European Union is preparing to take emergency action to reform the electricity market and get a grip on energy prices that have soared since Russia invaded Ukraine, senior officials have said.

High gas prices have been followed by disruptions in the nuclear and hydroelectric sectors amid a heatwave blamed on climate change - threatening businesses and households with massive bills.

"My impression is, I think our common impression is, that this will now succeed more quickly across Europe than under other framework conditions," he said. EU officials are also considering measures to split electricity price setting from the gas price and take into account other energy sources. Nicolas Berghmans, an expert at the Institute for Sustainable Development and International Relations in Paris, told AFP that Brussels had already been working on a plan to reform the electricity market before the crisis hit.

 

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EU preparing ‘emergency intervention’ in electricity market amid soaring pricesThe European Union is preparing an 'emergency intervention' to its energy market to drive down ballooning power prices. via IrishTimesBiz IrishTimes Where are these clowns going to get energy from . This should have be thought of before funding the 2014 Ukraine right wing coup which led to this war with a country who supplies all over 40% of your energy needs .
Källa: IrishTimesBiz - 🏆 6. / 77 Läs mer »