European Parliament Endorses Reform to Reshape EU Electricity Market

The European Parliament has endorsed a reform to reshape the EU's electricity market, aiming to reduce reliance on fossil fuels, accelerate renewable energy deployment, and protect consumers from price spikes. The reform, passed with strong support, seeks to shield consumers, promote renewable energy, and enhance market resilience, making energy bills less dependent on volatile fossil fuel prices. The legislation also includes measures to protect vulnerable customers and allows for the use of Contracts for Difference in all new electricity production investments.

Source: Oilprice