EU states agree to remove regulated power prices
EU member states have agreed on a general aim to remove regulated power prices
“In the future electricity market, electricity suppliers will be able to set prices freely. This will limit distortions, boost competition and lead to lower retail prices,” said the Estonian presidency of the European council yesterday.
The energy ministers from the 28-nation bloc reached a general position on rules governing the internal energy market, which is one part of the EU’s clean energy package currently being debated in Brussels.
But EU states would still be able to regulate prices temporarily to assist and protect “energy poor” or vulnerable household consumers. Additional safeguards would be put in place to avoid cross subsidies and discrimination of market participants.
Member states also agreed to ensure that users would be offered dynamic electricity price contracts, which along with other tools such as smart meters should make them more active in the market.
EU countries also agreed that power distribution and transmission companies would be allowed to own, develop and operate energy storage facilities under certain conditions.
This general agreement among member states enables the Council to enter negotiations with the EU Parliament over a final decision on internal energy market reforms next year.
Created Tuesday, December 19, 2017