EU reaches deal to reform electricity market

BRUSSELS: The European Union reached an agreement on Thursday to reform the bloc’s electricity market in a bid to reduce dependence on fossil fuels and stabilise consumer prices, Spain’s energy minister said.

“Today, the Council and the Parliament reached a provisional agreement to reform the EU’s electricity market design (EMD),” said Teresa Ribera, Spain’s energy minister, whose country holds the EU’s rotating presidency.

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“The reform aims to make electricity prices less dependent on volatile fossil fuel prices, shield consumers from price spikes, accelerate the deployment of renewable energies and improve consumer protection.”