Business & Economy

EU working on emergency market intervention to curb energy price surge

Vienna, Aug 29 (EFE).- The European Union is working on an “emergency intervention” and “structural reform” in its energy market to curb surging prices, Commission chief Ursula von der Leyen said Monday.

“The skyrocketing electricity prices are now exposing the limitations of our current electricity market design,” she told a strategic forum in the Slovenian city of Bled.

“It was developed for different circumstances. That is why we are now working on an emergency intervention and a structural reform of the electricity market.”

The Commission president reiterated the EU’s need to diversify its energy supplies away from Russia.

“My first point means, primarily, ending our dependence on dirty and dangerous Russian fossil fuels. And our work here is well under way. We are diversifying our suppliers at lightning speed,” she said, adding that the bloc had to prepare for a possible complete disruption to Russian supplies.

The EU has asked its members to reduce gas consumption by 15% over the winter period in order to shore up reserves.

The diversification of energy sources away from Moscow would also help speed up the EU’s green transition, von der Leyen added. EFE


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