Economy

Brussels will monitor the increase in electricity market prices

The Commission will examine the mechanisms introduced by the Spanish government to lower electricity bills.

The escalation of energy prices in Spain is gradually becoming a problem across the continent with ramifications reaching Brussels. Even though the European Commission has ruled out taking action for the time being, it does consider this an issue that requires careful monitoring on the part of the Community. The European Commission monitors fluctuations in the EU’s energy market to determine whether they are a temporary or long-term phenomenon requiring action on the part of the Commission. Moreover, the EU executive has stated that it will “study” the recent measures taken by the Spanish government to lower the electricity bill.

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This debate comes at an awkward time, as negotiations between the European Parliament and the Council are about to kick off over the ambitious green package in which the EU bloc intends to cut CO2 emissions by 55% by 2030 and achieve total decarbonization of the EU bloc’s economy by 2050. One of the issues that have dominated the hemicycle, corridors, and halls of the European Parliament in Strasbourg during this week of plenary session, which the President of the Commission, Ursula von der Leyen, delivered, has been the price of energy.

The Commission defends the current system
“In Spain, we are among the first to notice the impact,”. “We have a system where we bill daily, so we notice price increases right away.” On the other hand, “in most European countries the contracts are at a fixed annual price and therefore they will not notice it until the end of the year”.

The head of European diplomacy called for revising “the electricity pricing system” since “at the end of the day there is a Community regulation” on pricing “and sooner or later Europe will have to respond”.

Teresa Ribera, the Minister for Ecological Transition, wrote Timmermans in July calling for a change to the European energy market. “If we want the energy transition to succeed, we must rethink the design of the market,” she said.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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