November 15, 2022 10:13 GMT
EU To Present Ideas To Decouple Power And Gas Prices
The European Commission plans to present a consultation paper in December on how to decouple power and gas prices for consumer bills, a senior EC official told the European Parliament’s energy committee today.
- "The goal was to have targeted power market reforms that could be implemented quickly and provide a more permanent solution to consumer bills’ “excessive” dependence on highly volatile natural gas markets", the EC’s deputy director general for energy, Mechthild Worsdorfer, said.
- It was important that any power market reforms and new policy measures did not increase gas demand, given the EU’s commitment to phase out Russian gas, she added.
- European power prices have surged in the past 12 months as a result of high natural gas prices.