The European electricity market is malfunctioning, resulting in significant price differences between countries. Due to the current energy crisis, it is important to quickly create a good European electricity market, says the European Court of Auditors.
As the supervision of electricity trade between countries is poorly regulated, prices can be manipulated. That’s what BNR energy journalist Mark Beekhuis says. ‘Since 1996, the European Union has been working towards the creation of a single electricity market. But that deadline was in 2014 and it was never met.’
There are already a large number of countries cooperating and having agreements. ‘But the rules that the European Commission has come up with have made the process very bureaucratic and complicated. Also, electricity is bought across the border in the event of a shortage. But this is obviously different from buying electricity on the same market where you are competing with each other. This can lead to large price differences.’
‘The current energy crisis requires action and a transparent market. That’s why the European Commission is making the rules and the European Court of Auditors has set 2024 as the new deadline,’ says Beekhuis.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
