(MENAFN) The president of the bloc's executive body stated on Monday that the European Commission is working on "structural reforms " in the European Union power market in an effort to lower " skyrocketing " costs.
During the Bled Strategic Forum in Slovenia, Ursula von der Leyen remarked, "Skyrocketing electricity prices are now exposing the limitations of our current electricity market design."
She acknowledged that the method for pricing electricity in the bloc, which based the ultimate cost on the cost of the most modern and costly energy source without taking into account the reduced costs of nuclear or renewable energy, "was developed for different circumstances."
It added, "that is why we are now working on an emergency intervention and a structural reform of the electricity market." She claimed that the European Union has made headway in its efforts to "ending our dependence on dirty and dangerous Russian fossil fuels."
She also mentioned that while progress has been made in the switch to renewable energy sources, the bloc was able to obtain 32 billion cubic meters (bcm) of natural gas from other sources as well as is anticipated to save an additional 45 bcm by cutting consumption by 15 percent.
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