18 Oct 2023 at 09:10
The member states of the European Union have reached an agreement on new rules for the electricity market. This is to prevent electricity prices from rising as high as in the past two years.
During the energy crisis, the price of gas skyrocketed. And because the electricity price is linked to the gas price, electricity also became considerably more expensive. It caused many households to get into trouble. New European agreements should make this a thing of the past. For example, it has been agreed that gas and electricity prices will be less closely intertwined.
Rules have also been drawn up that make it possible for national governments to skim the revenues from energy companies if they make a lot of profit. Governments can use that money to help households and businesses pay their energy bills. Agreements have also been made about subsidizing sustainable energy.
The deal had been in the works for some time, but France and Germany were unable to reach an agreement for a long time. The Germans feared unfair competition from the French. The new rules would allow France to offer the electricity it produces in nuclear power plants cheaply. Both countries eventually reached a compromise.
The agreements are not yet final. The European Parliament still has to vote on it.
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2023-10-18 07:10:43
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