The European Union is drafting emergency plans to intervene in its energy market, with the goal of addressing the soaring energy prices, as well as putting in place longer-term reforms to ensure electricity prices reflect cheaper renewable energy.
"The skyrocketing electricity prices are now exposing the limitations of our current market design," European Commission chief Ursula von der Leyen said. "It was developed for different circumstances. That’s why we are now working on an emergency intervention and a structural reform of the electricity market."
Over recent months, the bloc's 27 countries have disagreed over the possibility of an intervention in energy markets, as reduced Russian gas deliveries to Europe have pushed up power costs.
However, after gas prices reached costs almost 12 times higher than at the start of 2021, Germany's economy minister has told other European energy ministers that the country is willing...