“Skyrocketing” energy prices expose the limits of the European Union’s electricity market design, European Commission President Ursula von der Leyen said on Monday, announcing plans for a structural reform.
The market “was developed under completely different circumstances,” von der Leyen said in a speech.
“But we also acknowledge that this is a short-term relief that will not change the structure of the market,” she added, saying power markets were “designed in a way like it was necessary twenty years ago” when the share of renewables was low.
“Today, the market is completely different. It is the renewables that are the most cost-effective and the cheapest ones,” she explained.
Gas prices have surged to record highs since the autumn on the back of tight supplies from Russia and the economic recovery from the COVID-19 crisis – a situation now compounded by the Ukraine war.
Bulgaria's biggest parliamentary grouping, the centre-right GERB-SDS, declined a request on Monday from the president to try and form a new government, increasing the likelihood of a sna...
France said on Monday it was launching a campaign to recruit thousands of young people for a new 10-month voluntary national military service, with the first participants starting their ...
Morning Briefing
Prime Minister Signals Rethink on Controversial Planning ReformPrime Minister Robert Abela has acknowledged that elements of a controversial planning reform proposed ...
Update
Southern Italy tremor felt in Malta
A magnitude 5.1 tremor off the southern coast of Italy startled numerous individuals in Malta on Saturday morning.
The tremor was init...
European Parliament President Roberta Metsola has voiced strong support for protesters in Iran as nationwide demonstrations continue to spread and authorities intensify their crackdown, ...
President of the Republic of Cyprus, Nikos Christodoulides, has set out two key priorities for Cyprus’ upcoming Presidency of the Council of the European Union: strengthening the EU’s st...
Gold broke through $4,600/ounce for the first time on Monday, while silver also hit a record high, as investors snapped up safe havens due to heightened geopolitical uncertainties and a ...
Oil prices edged higher on Monday as escalating protests in Iran sparked concerns about supplies from the OPEC producer, while efforts to resume oil exports from Venezuela and expectatio...
Two local analysts have cautioned that any attempt by EU Member States to block or restrict the passporting of crypto-asset service providers (CASPs) authorised under the Markets in...
Marina Grech, Partner, Ganado Advocates
As a Partner within Ganado Advocates’ investment services and funds department, Marina Grech has built a career advising clients across Malta’s...
Focal Logistics Group has been awarded ISO 9001:2015 certification, marking an important milestone following the recent consolidation of the group and reaffirming its commitment to consi...
Malta Public Transport will hold the ninth edition of Tallinja għal L-istrina on Saturday, 20 December 2025, once again supporting L-istrina through its long-standing collaboration with ...
The ongoing unrest in Iran has triggered swift and diverse responses from leaders and organizations across the globe. As demonstrations continue to unfold throughout the country, the int...
On Saturday night, protesters surged back onto the streets of Iran, voicing their discontent with chants directed against the government. In response, Iran's powerful Revolutionary Guard...
Venezuela transported gold worth almost 4.14 billion Swiss francs ($5.20 billion) to Switzerland during the early years of the leadership of ousted President Nicolas Maduro, customs data...
More than a dozen journalists were detained on Monday while covering political events in Venezuela’s capital Caracas, including a pro-government march and the swearing-in of a new legisl...
Russia fired a powerful hypersonic missile at Ukraine near the EU border overnight, in what Kyiv called a new threat to European security that demanded a global response.
Moscow said ...
The UK and France have signed a declaration of intent on deploying troops in Ukraine if a peace deal is made with Russia, UK Prime Minister Sir Keir Starmer has announced.
After talks...
