European Electricity Market Reform – ambitions and realities

The EU’s electricity market reforms do a good job of promoting more stable energy prices. But member-states must do more to deliver a fully integrated EU-wide energy market.

The events of the last two years in Europe – spiralling gas prices, the war in Ukraine and some of the tangible impacts of climate change – gave us a dramatic illustration of the dilemmas facing energy policy-makers. They have the unenviable task of trying to meet three important objectives of the ‘energy trilemma’ at the same time:

  • guaranteeing security of supply so that lights can stay on, we keep warm in winter and not too hot in summer, and the economy can work and we can keep our jobs and prosperity
  • making sure that we produce and use energy sustainably, including to fight climate change;
  • ensuring that we have access to energy which is affordable for households and cost-competitive for business.

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