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Date Published: 18/10/2023

Europe agrees electricity market reform to prevent spiralling prices

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The agreement should stabilise the cost of energy bills in Spain and prevent future spikes

Europe agrees electricity market reform to prevent spiralling prices

EU energy ministers reached a long-awaited electricity market reform agreement on Tuesday October 17 which aims to make electricity prices less dependent on volatile fossil fuel costs, protect consumers from price increases, accelerate the deployment of renewable energy and improve consumer protection.

For the Minister of Ecological Transition, Teresa Ribera, the pact “would have been unimaginable just a couple of years ago.” Thanks to this agreement, consumers across the EU will be able to benefit from much more stable energy prices, less dependence on the price of fossil fuels and better protection against future crises.

“We will also accelerate the deployment of renewable energy, a cheaper and cleaner source of energy for our citizens,” Ms Ribera added.

Talks had reached a stalemate when France and Germany locked heads over Contracts for Difference (CfDs), long-term contracts signed with electric companies that allows countries skim the surplus when prices spike. Nuclear energy, on which France is heavily dependent, was eventually included.

It was actually a text put forward by the Spanish government, specifying that the European Commission will oversee the CfDs process to avoid unfair competition within member states, which saved the day.

Another major focus of the talks was on ways to strengthen consumer protection from volatile prices. The reform has established free choice of energy supplier for customers and the possibility of accessing dynamic electricity prices in the form of fixed-term and fixed-price contracts.

In addition, Member States may apply a limit on excess market revenues from electricity produced by generators with lower marginal costs, such as renewables, nuclear energy and lignite ('inframarginal generators') until 30 June 2024.

Contact Ecocorp Solar to find out how you can save on your energy bills in Spain

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