EU Council Agrees on Electricity Market Reform to Ensure Stable Energy Prices and Accelerate Renewables Deployment

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Transport, Telecommunications and Energy Council (Energy), 17 October 2023

Main results

Electricity market reform

The Council agreed its position (general approach) on a proposal to amend the EU’s electricity market design (EMD).

The aim of the reform is to make electricity prices less dependent on volatile fossil fuel prices and shield consumers from price spikes, notably by improving the way the long-term electricity market works.

Teresa Ribera Rodríguez, acting Spanish third vice-president of the government and minister for the ecological transition and the demographic challenge

“I am proud to say that today we have taken a strategic step forward for the future of the EU. We have achieved an agreement that would have seen unimaginable only a couple of years ago. Thanks to this agreement, consumers across the EU will be able to benefit from much more stable prices of energy, less dependency on the price of fossil fuels and better protection from future crises. We will also accelerate the deployment of renewables, a cheaper and cleaner source of energy for our citizens.” Teresa Ribera Rodríguez, acting Spanish third vice-president of the government and minister for the ecological transition and the demographic challenge

The proposal is part of a wider reform of the EU’s electricity market design which also includes a regulation focused on improving the Union’s protection against market manipulation through better monitoring and transparency (REMIT). A general approach on REMIT was agreed during the Transport, Telecommunications and Energy Council (energy) on 19 June 2023.

Other business

Under any other business, the Ukrainian Minister for Energy joined to inform about EU-Ukraine energy cooperation ahead of the winter season and on the situation of Ukraine’s energy system, including infrastructure.

The Commission informed ministers about the political declaration on energy efficiency financing and the European Energy Efficiency Financing Coalition.

In addition, the Commission provided ministers with information about the draft updated national energy and climate plans (NECPs), with a focus on the state of play of submissions and Commission assessments.

The Commission also gave ministers an update on preparedness for winter 2023/2024.

Estonia and Finland informed ministers about the damaged gas pipeline between both countries.

Poland provided ministers with information about the impact of the greenhouse gas emission allowances market on energy and climate policy and the feasibility of achieving energy transition targets.

Sursa: https://www.nineoclock.ro/2023/10/17/eu-council-agrees-on-electricity-market-reform-to-ensure-stable-energy-prices-and-accelerate-renewables-deployment/

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