Council agrees on EU electricity market reform

The Council agreed its position (general approach) on a proposal to amend the EU’s electricity market design (EMD).

The aim of the reform is to make electricity prices less dependent on volatile fossil fuel prices and shield consumers from price spikes, notably by improving the way the long-term electricity market works.

The proposal is part of a wider reform of the EU’s electricity market design which also includes a regulation focused on improving the Union’s protection against market manipulation through better monitoring and transparency (REMIT). A general approach on REMIT was agreed during the Transport, Telecommunications and Energy Council (energy) on 19 June 2023.

European Commission proposes reform of the EU electricity market set-up

Other business

Under any other business, the Ukrainian Minister for Energy joined to inform about EU-Ukraine energy cooperation ahead of the winter season and on the situation of Ukraine’s energy system, including infrastructure.

The Commission informed ministers about the political declaration on energy efficiency financing and the European Energy Efficiency Financing Coalition.

In addition, the Commission provided ministers with information about the draft updated national energy and climate plans (NECPs), with a focus on the state of play of submissions and Commission assessments.

The Commission also gave ministers an update on preparedness for winter 2023/2024.

Estonia and Finland informed ministers about the damaged gas pipeline between both countries.

Poland provided ministers with information about the impact of the greenhouse gas emission allowances market on energy and climate policy and the feasibility of achieving energy transition targets.

More information: Council of the European Union