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European Power Market Reform Eyed For March 2023

ELECTRICITY

The European Commission will make a proposal to redesign the European Union's electricity market by the end of March next year to decouple gas and electricity prices, EU Energy Commissioner Kadri Simson said.

  • "Based on my knowledge, we will present an electricity market design, as a legislative proposal, by the end of March," Simson said.
  • The electricity market revision aims to break the link between power and gas prices, as surging natural gas prices boosted electricity costs for consumer and business this year.
  • Commission President Ursula von der Leyen has repeatedly made the point that the design of the EU’s electricity market urgently needs reform to address the crisis.
  • “In the ongoing debate, some have argued that electricity markets are broken and that we should suspend or radically change them. The objectives of this revolution are to decouple gas and electricity prices, eliminate windfall profits, and give consumers access to cheap renewables”, Leonardo Meeus at the Florence School of Regulation said.

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