Yesterday the President of the Commission, Ursula von der Leyen announced that the EU is preparing an “urgent intervention and a structural reform of the electricity market”.
An alarm has sounded in Europe after the back to back record breaking electricity and natural gas priceswith the Czech Republic, which holds the presidency of the European Union this semester, convening extraordinary meeting of energy ministers on September 9 in order to consider measures that will limit the effects of this unprecedented crisis on household incomes.
In fact, yesterday the president of the Commission, Ursula von der Leyen announced that the EU is preparing a “emergency intervention and a structural reform of the electricity market”, as the current model was developed under completely different conditions. He added that a new market model for electricity that works and rebalances is needed.
Indicative of the dramatic situation that portends a very difficult winter is the fact that yesterday the prices of natural gas fluctuated strongly, with a daily high of 307 euros and a low of 268 euros. At the same time, wholesale electricity prices broke all records, even surpassing 1,000 euros per megawatt hour in Germany for 2023 contracts, as happened last week in France as well.
In the meantime, today the wholesale energy price in Greece reaches the “unrealistic” price of 671 euros, in France 744 euros and in Germany 660 euros.
The measures that are on the table
In this context, Europe is oriented towards decoupling the price of natural gas and the price of electricitybut also in imposing a ceiling which is used for the production of electricity, a proposal submitted to the Summit last May by the countries of the South, including Greece, but the northern countries were then categorically opposed.
However, after the wild rally in energy prices, they appear to have reconsidered with Ursula von der Leyen yesterday announcing electricity market reform, noting that “the price of natural gas and electricity must be decoupled from each other”.
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