Reforming the European Electricity Market
Delivering Secure, Affordable and Renewable Energy
The last 12 months have been tumultuous for the European energy market. Shortages caused by the war in Ukraine, last summer’s heatwave, and unplanned outages at much of France’s nuclear power fleet, have seen prices rocket and supply failing to meet demand. In an attempt to safeguard consumers against taking the brunt of price rises and accelerate the transition away from fossil fuels, the European Commission has proposed an overhaul to its electricity market.
This is no easy feat as the EU has to balance different stakeholders such as member states, energy companies and consumers who each come with their own set of priorities. The current proposal on electricity market reform, which is currently at the public consultation stage, will see the EU aim to expand Europe’s use of long-term contracts such as CfDs and PPAs. The purpose of this is to create a buffer between energy consumers and volatile prices in short term markets creating energy bill stability for homes and businesses.
It is key that these reforms don’t disincentive investment into clean energy sources and hinder the transition set out in the European Green Deal. In addition, the mechanisms implemented to achieve these reforms need to be flexible enough to adapt to future demands of a post-transition energy market and leave space for innovation and investments driven by market dynamics.
This Financial Times briefing, held in partnership with PGE Polska Grupa Energetyczna, explores the challenges facing the EU as it works to reform its electricity market in the face of rising prices, falling supply and the need for clean energy.
Delivering Clean Energy
How to ensure that electricity market reforms don't hinder the success of the European Green Deal
Protecting Consumers
What reforms are necessary to keep energy prices stable for homes and businesses?
Ensuring Energy Security
How can legislators improve the reliability of their electricity supplies and reduce reliance on suppliers such as Russia?
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The challenges facing the EU electricity market in the face of rising prices, falling supply and the need for clean energy
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Strategies to ensure that market reforms create long-term resilience and don’t hinder investment into clean energy
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