Locations
On 14 March 2023, the European Commission proposed a reform of the EU electricity market aiming to increased protection of consumers against soaring energy prices. Besides, the reform aimed to boost renewables for electricity bills to be less dependent on fossil fuel prices and improve the flexibility of the electricity system.
The reform consisted of two legislative proposals:
- The proposal for an amending regulation to improve the Union's electricity market design (EMD), which revises the Electricity Regulation, the Electricity Directive, the Renewable Energy Directive Regulations, and the European Union Agency for the Cooperation of Energy Regulators (ACER) Regulation.
- The proposal for an amending Regulation to improve the Union's protection against market manipulation in the wholesale energy market, which revises the regulation on wholesale energy market integrity and transparency (REMIT) and the ACER Regulation.
The interinstitutional negotiations between the European Parliament and the Council were concluded on 14 December 2023. The text needs to be endorsed formally by the two institutions. The vote at the European Parliament plenary session is planned for March 2024.