“We will be able to stabilize markets in the long term, accelerate the deployment of renewable and fossil-free energy sources, provide more affordable electricity to EU citizens and improve industrial competitiveness,” emphasized the Minister of Ecological Transition , Teresa Ribera.
The Council and the European Parliament reached an agreement in the early hours of Thursday electricity market reformwhich will make electricity prices less dependent on volatile fossil fuel prices, consumers will be protected from price increases and accelerate its deployment renewable energy.
“Thanks to this agreement, we can do that stabilize markets will accelerate the deployment of renewable and fossil-free energy sources in the long term more affordable electricity for EU citizens and improving industrial competitiveness,” stressed Teresa Ribera, the Third Vice President and Minister for Ecological Transition, in her role as the Spanish Presidency of the Council.
The proposal is part of a broader reform of the EU’s electricity market design, which also includes regulations aimed at improving protection against market manipulation through better monitoring and transparency (REMIT), which has already been discussed. An agreement was also reached on November 16. .
The provisional agreement, which still needs to be formally ratified by both co-legislators, allows Member States to support the purchase of new renewable energy generation only when conditions allow and in line with EU countries’ low-carbon economy plans.
Source: EITB
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