2024-05-23 02:51:14
The European Union authorised at this time at ministerial degree a reform of the electrical energy market. Its purpose is to higher shield customers in EU international locations from sudden modifications in electrical energy costs, DPA reported.
The brand new guidelines will make electrical energy costs much less depending on fossil fuels. This can create a buffer between the markets and the electrical energy payments paid by customers, the European Union notes on its web site.
The reform “paves the best way to a extra steady, predictable and sustainable vitality market”. This was acknowledged in an announcement by Tin van der Strate, who’s the Minister of Vitality of Belgium.
The electrical energy market reform is in response to the vitality disaster within the European Union in 2022. It got here after Russia restricted the export of vitality merchandise to EU international locations amid its army invasion of Ukraine.
Regardless of the excessive share of renewable vitality sources in vitality manufacturing, large-scale surges in fossil gasoline costs (particularly pure fuel) have led to sharp will increase in electrical energy costs.
That is as a result of functioning of the electrical energy market within the European Union, the place its value is predicated on the worth of the fossil fuels used to supply the electrical energy. This mechanism known as the “precept of rating by benefit”, writes BTA.
When the excessive costs hit customers in the summertime of 2022, EU international locations took fast motion to ease the burden on residents with measures comparable to grants and VAT suspensions.
The reform prioritizes long-term options to keep away from comparable conditions sooner or later, the EU mentioned.