BRUSSELS (AP) – The European Union is working on a thorough reform of its electricity market to shield citizens from sudden price spikes, speed up the use of renewable energy sources and make the bloc more independent in an increasingly unstable world.
Tuesday’s plan from the EU’s executive Commission will seek to phase out the use of gas in electricity production after volatile prices caused by Russia’s invasion of Ukraine pushed millions of people in the 27-nation bloc into or to the brink of poverty.
It is only part of a whole package of EU measures to cushion the blow of the energy crisis that hit the EU especially last summer.
The plans from the Commission will now be assessed by the EU parliament and the member states before they can be turned into a series of laws, a process which is set to take several months at least.
“I do believe that parliament and (the member states) are willing to treat this as a priority,” said EU Energy Commissioner Kadri Simson. “That means that some parts of that proposal can … help us already for the next year.”