"Price of gas and wholesale prices of electricity have dramatically increased in the last months. "Second, regarding gas, the functioning of the European gas market should be investigated to understand why current gas contracts have been insufficient," it noted. Improvement of the wholesale electricity marketThe countries also noted the need to reform the wholesale electricity market, stressing electricity market's many advantages such as securing energy supplies at all times, for all European countries. The countries also suggested that the EU should focus on achieving energy independence by investing in the diversification of its energy supply and reduce European dependency on gas exporting countries as fast as possible. "The ETS (Emissions Trading System) is essential to give an explicit price to carbon and trigger energy transition.

Source: The Nation October 06, 2021 12:33 UTC