Spain seeks agreement on reform of European electricity market within two weeks

In light of developments in European energy markets over the past two years, reform of the European electricity market has come into the spotlight. However, talks between EU representatives and individual member states have been deadlocked in recent months. The Spanish energy minister said this week that the country would like to reach agreement on the reform by the next meeting of EU energy ministers, which will take place in mid-October.

One of the primary goals of the proposed reform of the European electricity market is to better protect consumers from extreme price fluctuations in the markets. The European market was exposed to these particularly last summer, after supplies of natural gas from Russia fell to a fraction of their usual volume. Another key element is the model for purchasing electricity from generating sources, including nuclear power plants, as well as the possible redistribution of funds to industry, which has been a sticking point in recent talks.