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EU reform of electricity market
On 14 March 2023 the European Commission proposed to reform the energy market design. The proposal follows the wide range of short-term measures already adopted by the EU to mitigate the impact of the unprecedented high and volatile wholesale energy prices on households and economy, especially following Russia’s invasion of Ukraine and the European Commission President announcement in the 2022 State of the Union Address of the need for a fundamental reform of the electricity market design.
In this alert, we analyze the purpose of the Proposal, its main features and EY’s assessment of the Proposal.