The energy ministers of the EU on Monday agreed on new internal electricity market rules which lay out common requirements for guaranteeing the competitive ability of as well as liberalize the EU electricity market.
"Our goal is a market that is able to compete and guarantees everybody access to electricity at an affordable price, but at the same time we are providing governments with the opportunity to help, if necessary," Minister of Economic Affairs and Infrastructure Kadri Simson (Center), who headed the meeting, said in a press release.
According to the new internal market rules, similarly to Estonia, consumers and producers will be able to choose prices in the entire EU. This should reduce market distortions, increase competition and reduce retail prices. Member states will still be able to regulate prices in a given amount of time to help and protect vulnerable households.
In addition, member states will guarantee that domestic regulation allows energy suppliers to offer contracts with dynamic electricity prices.
The EU internal energy market rules are one element of the union's clean energy package.
Editor: Aili Vahtla