Energy Markets

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Γνωμοδότηση τμήμστος της ΕΟΚΕ: Energy Markets

PRACTICAL INFORMATION

  • Composition of Drafting Group
  • Administrator: Francesco NAPOLITANO, Assistant: Jacqueline NYEMA  
  • Foreseen for the EESC plenary session: 26-27 October 2022

KEY POINTS

On 8 March 2022, the REPowerEU Communication outlined a series of measures to strengthen the Toolbox to respond to rising energy prices. The Commission undertook to investigate all possible emergency measures to limit the contagion effect of gas prices on electricity prices and assess possible measures to optimise the electricity market design.

EU leaders agreed in Versailles on 10-11 March to phase out the Europe’s dependency on Russian energy imports as soon as possible and invited the Commission to put forward a plan to ensure security of supply and affordable energy prices during the next winter season by end of March.

On 24-25 March 2022, the European Council tasked the Commission to urgently reach out to energy stakeholders, and to discuss if and how the short-term options outlined by the Commission would contribute to reducing the gas price and address its contagion effect on electricity markets. Moreover, the European Council called on the Commission to submit proposals that effectively address the problem of excessive electricity prices while preserving the integrity of the Single Market and its level playing field, maintaining incentives for the green transition, preserving the security of supply and avoiding disproportionate budgetary costs.

The aim of this Communication is to:

  • Propose further short-term measures going beyond the toolbox that the EU or Member States can take in the gas and electricity sectors to tackle effectively the impact of sustained high energy prices on consumers and companies.
  • Identify possible measures for the eventuality of a disruption to the supply of Russian gas.
  • Set out a way forward to optimise the functioning of the European electricity market so that it is better suited to withstand future price volatility and fit for the future decarbonised energy system, with an increasing share of renewables in electricity production.