EU tends to introduce new design for electricity market

GMT 19:37 2016 Sunday ,24 April

Arab Today, arab today EU tends to introduce new design for electricity market

Maros Sefcovic
Bratislava - XINHUA

The European Commission would like to introduce a new design for the electricity market in autumn, said Maros Sefcovic, Commission Vice-President responsible for the Energy Union, on Sunday.

"It'll be very difficult because these markets have been developing in a different way in all 28 EU member states. They're currently so overregulated that market signals aren't working at all," emphasised Sefcovic.

"We should take a closer look at what directly concerns the production and distribution of energy and what are individual taxes, surcharges, subsidies, grants, network fees and compare them with our main competitors in the United States where the price structure is far clearer. Based on this analysis, we'd like to cleanse the energy price structure in the EU," explained Sefcovic.

According to him, the new market with electricity will put an emphasis on regional cooperation.

"We'd like the firms to exploit the advantages of cross-border trade more, as the competition might bring about better prices and greater energy security," added Sefcovic.

The authorities would also like to strengthen the position of consumers.

"In order to freely choose between suppliers or to become producers of electricity for their own use. Most of the electricity in Germany is being produced by these small producers, usually via renewable resources. It's a trend that will persist for sure," concluded Sefcovic.

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