The European electricity market has worked to mitigate energy prices to the tune of €34bn, according to a key report published on Friday (29 April) by the EU energy regulator, which advised against interfering with prices on the wholesale gas market.
“The market rules in place have to some extent helped mitigate the current crisis,” the Agency for the Cooperation of Energy, the EU agency responsible for overseeing the single market, found.
But it also noted that “the electricity market design is not designed for the emergency that the EU currently finds itself in,” referring to the rapid economic recovery of 2021 followed by the Russian invasion of Ukraine in February 2022, which drove up gas prices to record highs
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