After months of deadlock, EU member states have agreed a position regarding the need to reform the bloc’s electricity market. 

The reform aims to make electricity prices less dependent on volatile fossil fuel prices, shield consumers from price spikes, accelerate the deployment of renewable energies and improve consumer protection, the European Commission said. 

The need for a reform was prompted by the gas shortages and high energy prices caused by Russia’s invasion of Ukraine. 

However, negotiations stalled over the issue of nuclear energy. While France supported a motion to use state-backed investment schemes for clean energy projects, Germany expressed concerns that the French would use the funds to obtain huge profits from its large nuclear fleet, which generate about 70 per cent of its electricity.

Eventually, Germany conceded on the subject, permitting France to use revenues from the contracts for difference (CfDs) to extend the lifespan of its...