After listening to various pressures, the European Union (EU) finally plans immediate action to moderate the increase in energy prices and plans to reform the electricity market.
The matter was announced by European Commission President Ursula von der Leyen on Monday in a speech at the Bled Strategic Summit in Slovenia.
According to von der Leyen, the skyrocketing electricity prices now reveal the limitations of the current European electricity market.
It was developed for completely different conditions and purposes. That is why they are now working on emergency interventions and structural reforms of the electricity market.
Energy ministers from EU member states will hold urgent talks in Brussels about it on September 9.
In the meantime, Ursula von der Leyen also said that the full reform of the European electricity market needs to be done properly and technically at the beginning of next year.
So far, the European Commission has yet to publish a detailed plan for market reform, but some member states such as Italy and Belgium have pushed for a temporary cap on wholesale gas prices.
EU officials are also considering steps to separate electricity pricing from gas prices and take other energy sources into account.
At the same time, some member states have launched their own price reduction measures, but Brussels believes that cooperation with the EU will be more effective.
