MOSCOW (Pakistan Point News / Sputnik - 14th September, 2022) The European Commission plans to submit proposals for reforming the EU electricity market early next year, European Commissioner for Energy Kadri Simson said� on Tuesday.
"We kick started a preparation of the reform of electricity market for early next year," Simson said at a plenary session of the European Parliament.
The commissioner also said that electricity prices all over the EU spiked due to rising gas prices and abnormal heatwaves, which lowered nuclear power generation and raised electricity demand.
The start of hostilities in Ukraine in February exacerbated the energy crisis unfolding in Europe over the past year. Disruptions in logistical and financial operations due to the crisis and Western sanctions against Russia have undermined supply chains and led to a spike in energy prices worldwide, pushing many European governments to resort to contingency measures.
