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EC Proposal to Reform EU Electricity Market Underscores Capital Needs
March 24, 2023On March 14, the European Commission (EC) announced a proposal to “revise the rules for electricity market design and for improving the EU protection against market manipulation in the wholesale energy market.” The proposals envision amendments to several pieces of EU legislation, including the Electricity Regulation, the Electricity Directive and the Wholesale Energy Market Integrity and Transparency Regulation. The proposals, which align with the European Green New Deal, were motivated by concerns about energy supply following Russia’s invasion of Ukraine, which in addition to causing supply worries also led to volatile energy prices. EU heads of government tasked the EC with working on structural reform of the electricity market with the dual objective of “securing European energy sovereignty and achieving climate neutrality.”
