BRUSSELS - The European Union is preparing to take emergency action to reform the electricity market and get a grip on energy prices that have soared sinceEnergy ministers from EU member states will hold urgent talks in Brussels on Sept 9.
"It was developed for different circumstances. That's why we are now working on an emergency intervention and a structural reform of the electricity market." Separately, Germany's Chancellor Olaf Scholz alsoSpeaking at a press conference after talks with Czech Prime Minister Petr Fiala, Scholz said that"we are in complete agreement that rapid action has to be taken" to reform the market.
EU officials are also considering measures to split electricity price setting from the gas price and take into account other energy sources. Reduced supplies and anxiety over the future have triggered rapid growth in energy prices across Europe.Energy-saving steps The aim is for the EU to be able to bolster its reserves of gas in time for what is likely to be a very tough winter.
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