EU aims to reform electricity markets

European Commission is working on both an emergency intervention and long-term structural reform following high electricity prices

The European Commission is working on both an emergency intervention to alleviate high prices in EU gas and electricity markets and longer-term structural reform. The first will be delivered in a matter of weeks while the second is expected early next year, a Commission spokesman said today. Commission president Ursula von der Leyen stated yesterday that reform is needed because of recent high prices. “Skyrocketing electricity prices are exposing for different reasons the limitations of our current electricity market design,” she said. “We need a new market model for electricity that really functions and brings us back into balance.” In July 2022 the average wholesale electricity spot price