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EU Commission president proposes reform of electricity market
The European Union's top official has proposed a reform of the bloc's electricity market, amid the energy price crisis hurting businesses and households.
European Commission president Ursula von der Leyen said a "deep and comprehensive reform of the electricity market" is required to reduce the influence of gas on electricity prices.
Natural gas is used to power industry, heat homes and offices and generate electricity.
Even before Russia started its war against Ukraine, many EU member states had been calling for a thorough and structural reform of the bloc's energy market, because they believe that the influence of gas in setting wholesale electricity prices is disproportionate.
In related news, President von der Leyen has outlined plans for a windfall tax on energy companies that will aim to raise €140 billion. The levy would be used by member states to shield consumers and businesses from high energy prices resulting from Russia’s invasion of Ukraine.
