The EU agreement can lower prices
The European Union has reached an agreement to reform the electricity market to protect citizens from high electricity prices and reduce dependence on Russian gas, while increasing the share of renewable energy, TT reports.
Teresa RiberaSpain’s energy minister and representative of the current EU presidency, expressed delight at the news:
– The agreement is fantastic news that will help us further reduce the EU’s dependence on Russian gas and strengthen fossil-free energy to reduce greenhouse gas emissions, she tells TT
For the changes to enter into force, they must be formally adopted by both the EU Council and Parliament.
This is how the EU should lower the electricity price – the countries agree
EU decision
According to Government Office the agreement means that electricity prices should be made less dependent on unstable fossil fuel prices, and consumers should be protected from price peaks, especially by improving the functioning of the long-term electricity market.
The proposal is part of a larger reform that also includes a regulation (REMIT) that focuses on improving protection against market manipulation through better monitoring and transparency.
EU agrees on historic AI agreement
The REMIT Regulation for increased transparency
REMIT, which stands for Regulation on wholesale Energy Market Integrity and Transparency, entered into force in 2011. This is a framework for monitoring the energy markets in Europe and aims to strengthen the integrity and transparency of the electricity and natural gas markets, writes The Energy Market Inspectorate.
The regulation prohibits insider trading and improper market manipulation and requires those conducting transactions to professionally monitor trading and report suspected violations.
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