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EU Council chief calls for speedy reform of electricity market

In view of high energy prices, more must be done to relieve the burden on consumers, according to EU Council President Charles Michel.

Brussels, 16 September 2022 (dpa/MIA) – In view of high energy prices, more must be done to relieve the burden on consumers, according to EU Council President Charles Michel.

The proposals made by the European Commission this week are a good start, the Belgian politician told dpa and other European media on Friday.

“It’s a good beginning, but I think more will be needed … In order to have an impact for the population, more will be needed and more is needed,” Michel said.

The European Commission presented a legislative proposal on Wednesday for excess profit levies on energy companies, which are currently earning comparatively large amounts of money. This would siphon off around €140 billion ($139.9 billion) and pass it on to consumers.

Michel pointed out that the European Commission was working on a reform of the electricity market. The proposals must come as soon as possible, he said.

The problem is that the electricity price is linked to the gas price, which is very high at the moment. This problem had already been discussed a year ago.

Before the summer, the commission had been tasked with submitting concrete proposals. It was good that the commission had announced that it would work on this.

“I hope that something will come on the question as soon as possible,” he said.

The work of the EU platform on the joint procurement of gas must also progress more quickly, he added.

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