We are convinced that the proposal for a market correction mechanism will not achieve its primary objective of lowering energy prices but will seriously threaten the EU’s security of supply situation and introduce severe risks to financial stability in Europe.
Europex is concerned about the practical implications of the Market Correction Mechanism as set out in Article 23 of the draft Council Regulation and would like to highlight that any such mechanism must meet the conditions outlined in Article 23 (2) (b)-(j).
The Electricity Market Operator of Montenegro (Crnogorski operator tržista električne energije – COTEE) has joined Europex as a full member as of today. With the inclusion of COTEE, Europex now counts 31 members.
We would like to take this opportunity to offer additional guidance to ensure that these emergency measures are not adopted without due consideration of their short- and mid-term effects.
Europex welcomes the forward-looking action from both the Council and the Commission to enhance coordination on measures to reduce natural gas demand to alleviate risks in anticipation of full or partial supply disruption of Russian natural gas.
As the main objective is decarbonisation, clear rules are needed to determine the renewable character of both electricity and RFNBOs, including hydrogen which is likely to play a key role in the future energy mix.
At the regular meeting of the General Assembly, members discussed high energy prices and the regulatory impact of the Russian invasion of Ukraine on European energy markets.
As the European Council meeting of 30 and 31 May approaches, we urge Member States to consider the added value of the IEM in managing the immediate effects of this crisis and in shaping the energy sector of the future.
As regards the new REPowerEU Plan published yesterday, we have serious concerns about several of the proposed short-term emergency measures as they risk threatening the integrity and functioning of the Internal Energy Market.
In the short-term, measures to protect vulnerable consumers are essential. But the only real sustainable solution to the current crisis is to shift away from fossil fuels, invest massively in clean energy alternatives, accelerate energy savings and unlock demand response.
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