Spain and the Netherlands have backed a rapid deal on an upcoming revamp of Europe’s electricity market, as countries seek to reduce power costs and help their industries compete in global markets.
European Union countries’ energy ministers are meeting in Stockholm on Monday to debate the upcoming plans, which aim to tweak the market to stop short-term swings in fossil fuel prices from wreaking havoc on European consumers’ energy bills.
However, the plans have already stirred disagreement among EU countries on how far to reform the market – with Spain among those calling for substantial changes to align the system with Europe’s shift to green energy, and the Netherlands in the camp of countries wary that major upheaval could deter much-needed investment in the energy sector.
“Timing is key. And sometimes, not being in time is a disaster,” Spain’s Energy Minister Teresa Ribera told Reuters on the sidelines of the EU meeting, adding reforms should be agreed before European Parliament elections in mid-2024.
Ribera said the reform could form part of Europe’s response to the United States’ huge Inflation Reduction Act package of subsidies for green industries.
via Reuters
