Soaring Electricity Prices and Development in the EU; the Electricity Market Design under Scrutiny?
Soaring Electricity Prices and Development in the EU; the Electricity Market Design under Scrutiny?

Author(s): Tereza Stašáková
Subject(s): Energy and Environmental Studies, International relations/trade
Published by: EUROPEUM - Institut pro evropskou politiku
Keywords: energy dependence;
Summary/Abstract: The current situation, when dependence on one leading supplier has turned out to be a dire mistake, contributes to the decision to accelerate the energy transition away from fossil fuels and, above all, decrease import dependence. Contrary to the preliminary assumptions we can already say that the current situation has further accelerated the European energy transformation towards renewable energy sources (RES) as they represent a self-sufficient and low-cost resource in terms of operating costs. However, more than this is needed, as reducing dependence on fossil fuels and replacing them with other sources is a long-term process, not to mention that the EU does not have the production capacities or rare materials for the massive development of RES. Thus, European regulatory framework will need to adjust and, in an effort, to address the current crisis it is already happening.

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