EU plans to propose power market overhaul by end-March 2023 By Reuters

© Reuters. FILE PHOTO: Electric pylons are seen at an Engie subsidiary Electrabel combined-cycle gas turbine power plant in Drogenbos, Belgium November 24, 2022 REUTERS/Yves Herman

BRUSSELS (Reuters) – The European Commission will make a proposal to redesign the European Union’s electricity market by the end of March next year, the bloc’s head of energy policy said on Wednesday.

“Based on my knowledge, we will present an electricity market design, as a legislative proposal, by the end of March,” EU Energy Commissioner Kadri Simson told an event hosted by Politico in Brussels.

The EU has said it wants to revise its electricity market to break the link between power and gas prices, after soaring gas prices this year hiked electricity costs for European consumers and businesses. Simson said EU countries’ ministers and stakeholders would be consulted on the plans this year.

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