Spanish presidency seeks agreement on how the electricity market should function

Spain is seeking to amend a key piece of legislation to ensure the efficient functioning of the electricity market. The reform aims to contribute to the expansion of renewable energy sources and protect consumers from price rises, such as those seen after Russia's invasion of Ukraine, when record high gas prices drove up energy bills and inflation. The Reuters news agency reports.

The European Commission published its proposal for reforming the EU electricity market in March. It focuses on tackling volatile gas prices by providing consumers with greater protection, strengthening renewable energy sources and supporting demand-side measures.

“For more than two decades, the structure of the electricity market has served European businesses and consumers well, enabling them to benefit from the single market,” EU energy chief Kadri Simson said when announcing the proposal.

“The energy crisis triggered by Russia’s attack on Ukraine, however, exposed a number of shortcomings in the current system that needed to be addressed,” she told reporters.