The head of the European Union's executive branch and Germany's chancellor on Monday pledged a reform of the continent's electricity market to help bring down power prices that have been pushed higher by skyrocketing gas prices.
President of the European Commission Ursula von der Leyen arrives to the Bled Strategic Forum in Bled, Slovenia, Monday, Aug. 29, 2022. Bled Strategic Forum is an annual international conference organized since 2006.
BERLIN — The head of the European Union’s executive branch and Germany’s chancellor on Monday pledged a reform of the continent’s electricity market to help bring down power prices that have been pushed higher by skyrocketing gas prices. European Commission President Ursula von der Leyen said in a speech in Bled, Slovenia, that soaring electricity prices “are now exposing the limitations of our current electricity market design.”
“It was developed for different circumstances,” von der Leyen said. “That is why we are now working on an emergency intervention and a structural reform of the electricity market.” The continent’s electricity market is underpinned by a “merit order” system in which the power stations offering the cheapest electricity are tapped first, but prices are determined by the last and most expensive power stations to be tapped — at present, those using gas, whose price has risen sharply following cuts in supplies by Russia to several European countries amid
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