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EC President Says Planning Emergency Intervention To Halt Surging Power Prices

EU
  • According to Commission President Ursula von der Leyen, the European Union is planning urgent steps to push down soaring power prices. (Bloomberg)
    • These would include an emergency intervention and a structural overhaul of the electricity market, which are both currently being worked on.
  • From the Bloomberg article:
  • “The skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design,” von der Leyen said in a speech at the Bled Strategic Summit in Slovenia. “It was developed under completely different circumstances and completely different purposes.”
  • The headlines follow earlier news reports from the Czech Republic, which holds the rotating presidency of the EU, who indicated there are plans to convene an extraordinary meeting of energy ministers on Sept. 9.
    • Czech Industry Minister: Other Possible Solution Is Market Interventions To Avoid Market Mulfunction [RTRS]
  • The exact details of an EU intervention plan are still being developed, and EU diplomats said the EU’s executive arm could offer a detailed plan as soon as this week.
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