REUTERS/Sergio Perez Acquire Licensing RightsLONDON, Nov 7 (Reuters) - European Union (EU) energy ministers last month struck a deal to reform the bloc's power market.
German power market forwards for 2024 and 2025LIGHT-TOUCH REFORMEuropean power prices have fallen a long way from their 2022 peaks, when the region was still reeling from the reduction in Russian gas supplies.
EU member states were deeply split on proposals for more fundamental reform of Europe's power market to allow for a complete break of the gas-power price linkage.
The hard-won compromise keeps the existing market mechanism, which its supporters claim is more efficient than other models in a liberalised electricity market.
The bloc's power prices have historically been twice those of the U.S., but are now three or four times higher.
Persons:
Sergio Perez, Teresa Ribera, Bernard Respaut, Mats Gustavsson, Boliden, Gustavsson, Respaut, Jan Harvey
Organizations:
REUTERS, Union, Spain's Energy, Producers, European Copper Institute, EU, Alcoa, PPA, European Commission, Metals, Reuters, Thomson
Locations:
Alcobendas, Madrid, Spain, Ukraine, San, EU, U.S, Ireland, Europe