In her nearly hour-long speech, the European leader gave prominence to the issue of soaring energy prices following Russia’s invasion of Ukraine.
The European Union (EU) will engage “a complete and in-depth reform” of its electricity market, promised Mme von der Leyen. “Beyond the immediate crisis, we need to think about the future. The current design of the electricity market no longer does justice to consumers, they should reap the benefits of low-cost renewable energy. It is therefore necessary to decouple electricity prices from the dominant influence of gas”she announced.
Capping the revenues of electricity producers based on renewable and nuclear energies would make it possible to lift “more than 140 billion euros” for EU states, which could redistribute them to vulnerable households and businesses, argued Ursula von der Leyen on Wednesday. Energy ministers will meet again on September 30 to decide on the emergency plan proposed by the European Commission.