Thu. May 23rd, 2024

The European Parliament approved the reform of the EU electricity market

Natasha Kumar By Natasha Kumar Apr12,2024

European Parliament approved market reform of EU electricity

The European Parliament approved the reform of the EU electricity market aimed at reducing the dependence of the cost of electricity on fossil fuel prices, accelerating the introduction of renewable energy sources and protecting consumers from price spikes.

The European Parliament has adopted a proposed reform of the EU electricity market, which, in particular, should reduce the dependence of electricity prices on volatile fossil fuel prices and accelerate the deployment of renewable energy sources. UNN writes about this with reference to the portal of the European Parliament.

Details

433 deputies supported the reform, 140 voted against it, and 15 abstained.

p>

It is noted that the reform is aimed at protecting consumers from price jumps, accelerating the implementation of renewable energy sources and improving the protection of consumer rights.

The European Commission, which presented the proposal, says the market reform aims to make the EU energy market more sustainable and make the electricity bills of European consumers and companies more independent of the short-term market price of electricity.

According to the proposal adopted by the European Parliament will protect vulnerable consumers from power outages, including during disputes between suppliers and consumers.

According to the bill, which still needs formal approval by the EU Council to become law, in the event of very high prices and under certain conditions, the EU can declare a regional or pan-European electricity price crisis, allowing member states to take temporary measures to set electricity prices for small and medium-sized enterprises and energy-intensive industrial consumers.

The reform will also allow the use of so-called contracts for difference (CfD), or equivalent schemes with the same effect, in all investments in new electricity generation, regardless of whether it is renewable energy sources or nuclear power, the European Parliament said.

The Parliament took a step forward in the democratization of energy by creating a market model that responds to the shortcomings revealed by the energy crisis. All consumers, including micro, small and medium enterprises, will have access to long-term, affordable and stable prices

– said MEP Nicolas Gonzalez Casares.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

Related Post