Headquarters of the European Commission in Brussels.
Brussels – Changes to the single European energy market with the aim of preventing a repeat of last year's record high electricity prices will be presented today by the European Commission. According to the statements of EU officials so far, this will not be a significant intervention in the functioning of the market or the formation of electricity prices, but rather minor adjustments, for example in the form of a greater representation of contracts with a fixed price of electricity.
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European countries started talking about market reform last summer, when gas prices and related electricity prices rose sharply in connection with the Russian invasion of Ukraine. Some countries, especially from the south of Europe, came up with a proposal to change the calculation of electricity prices and adapt it to the growing share of renewable sources. However, a number of other countries, led by Germany and the Netherlands, spoke only of short-term price fluctuations and warned against significant interventions in a market that has been operating for many years.
According to information leaked to the media in recent days, the commission's proposal should include the use of so-called contracts for difference that energy sellers should conclude with their producers. These contracts will ensure a fixed price of electricity even in times of significant fluctuations, from which, according to the commission's ideas, households and companies in particular should benefit. The proposal should also allow greater support for the introduction of renewable energy sources.
