Brussels, 14 December 2023
The Commission welcomes the provisional agreement reached today by the European Parliament and the Council on the reform of the EU’s electricity market design.
This deal will help the EU build a renewables-based energy system, lower energy bills and better protect consumers from price spikes and empower them to benefit from the transition. It will ensure a sustainable and independent energy supply to the EU, in line with the European Green Deal and the REPowerEU Plan. This reform, which was proposed by the Commission as part of the Green Deal Industrial Plan, will also make the European industry cleaner and more competitive thanks to better access to affordable renewable, non-fossil energy.
The reform provisionally agreed today by the EU co-legislators features revisions to several pieces of EU legislation – notably, the Electricity Regulation, the Electricity Directive, and the REMIT Regulation.
Building on the lessons of the energy crisis spurred by Russia’s invasion of Ukraine, the agreed reform will bring more price stability to both consumers and suppliers thanks to a broader use of long-term contracts for clean power production and will bring more non-fossil flexible solutions into the system such as demand response and storage.
You can find more information in the press release available online.
Source – EU Commission