DECRYPTION – Reforming the system urgently is not without risk, but the energy situation is becoming untenable for more and more European states.
“Absurd», for Emmanuel Macron, “aberrant” and “obsolete“, according to Bruno Le Maire: it has been a year – when the price of gas was already climbing – that France has been campaigning to reform the European electricity market. After having hit a wall, given the hostility of a large number of Member States of the Union, here it is about to achieve its ends.
On Monday, Commission President Ursula von der Leyen acknowledged that “Rising electricity prices are now exposing the limits of our current conception of the market”. “It was developed for different circumstances. That is why we are currently working on emergency intervention and structural reform of the electricity market,” she announced during a trip to Slovenia.
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In question: the price of electricity, which exceeded 1300 euros per megawatt hour last week, is aligned with that of gas. This is the result of a very complex mechanism devised in the 1990s, whereby the “marginal” price…
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