: EU working on ’emergency intervention’ to curb soaring electricity prices

by | Aug 29, 2022 | Stock Market

The president of the European Union says the bloc is urgently working on a plan to get power prices, soaring for months now due to fallout from Russia’s invasion of Ukraine, under control. Ursula von der Leyen made the comments at a speech at the Bled Strategic Summit in Slovenia on Monday. “The skyrocketing electricity prices are now exposing the limitations of our current market design. It was developed for different circumstances. That’s why we are now working on an emergency intervention and a structural reform of the electricity market,” she tweeted.

Von der Leyen didn’t include any details in her comments, but the speech coincided with a fresh record for European benchmark German power prices for 2023, which soared past €1,000 ($993) on Monday. French prices reached that high on Friday. She said the region needs a “new strategic thinking to defend the rules-based order,” and that should start with ending dependency on Russian fossil fuels, which the bloc has been racing to do ahead of winter. “Our increased need for other raw materials must not create new dependencies.   We must diversify supply and build ties with reliable partners,” she added, noting she will be in Canada in two weeks to help advance a partnership with that …

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