A year after the energy crisis in Europe began to worsen, local authorities have completed the preparatory phase and will soon have to present a formal plan to reform the continental energy market. However, it is unlikely that officials from the European Union (EU) will decide on drastic changes, the reform will be of a more “sensitive” nature, informs Bloomberg agency.
“Given the limited room for action of EU regulators, reform will focus on tools that will help the region benefit from cheaper renewable energy sources in the medium and long term, such as expanding fixed-price contracts,” the report says.
This measure will also help accelerate the wider adoption of renewable energy sources. European Energy Commissioner Kadri Simson also explained that the reform will help protect local households and industries from large fluctuations in the prices of electricity and other resources.
“The priority will be to better protect consumers from price volatility and enable them to benefit more from the growth and lower operating costs of renewable energy sources.”
14 February European Commission (EC) analysts acceptedIn the coming winter, European countries may face a shortage of natural gas, which will lead to an increase in fuel stock prices. One of the main reasons for this prediction was that the region became increasingly dependent on liquefied natural gas (LNG) supplies in the background of the energy crisis.