Revamping the energy market in Europe represents the pinnacle of the European Commission(EC)'s initiatives for this year, a senior European official of the commission said Thursday.
European Commission Vice-president for Energy Union Maros Sefcovic made the announcement at the Energoforum 2016 conference in Vyhne, Central Slovakia, on Thursday.
"Our main task regarding the design of the new market is to ensure that the electricity market is prepared for a new paradigm based on more variable and decentralised production on one hand and more flexible and active demand on the other," said Sefcovic.
The goal, according to Sefcovic, is to create liquid and integrated short-term markets, particularly the so-called pan-European intraday market and cross-border balancing market.
Energy commodity prices have recorded a drop in recent years, a development that has led to cuts in costs for fossil fuel imports to the EU by almost one third. In the wake of an oil price drop, electricity and gas wholesale prices in the EU have fallen to all-time low levels, although end charges paid by both individuals and industry don't reflect this development due to the rising share of regulated and fiscal elements in charges.
According to Sefcovic, affordable energy charges are paramount for preserving the competitiveness of European companies in the global economy as well as for maintaining the purchasing power of individuals.
"The figures prove the importance of completing the single European energy market project, under which energy can flow freely, " added Sefcovic.
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