| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1711 |
| Publication Date | 26/06/2024 |
| Content Type | Legislation, Policy-making |
Summary:Directive (EU) 2024/1711 - adopted by the co-legislators on 13 June 2024 - introducing amendments to Directive (EU) 2018/2001 and Directive (EU) 2019/944 to improve the European Union's (EU) electricity market design (EMD). This is a text with EEA relevance. Further information:Directive (EU) 2019/944 updated the regulatory framework governing the internal electricity market. Directive (EU) 2018/2001 seeks to promote the growth of the share of renewable energy in the final consumption. Energy prices increased significantly in 2021 and 2022. They were rapidly felt by households, industry and businesses across the EU, and governments sought to address them. At an EU-level, a Toolbox was provided to tackle high prices, in particular for the most vulnerable consumers, as well as the REPowerEU action plan comprising further measures and funding to boost energy efficiency and renewable energy. This was followed by the creation of a temporary State Aid regime to allow certain measures to soften the impact of high prices, among other measures. All together, the measures helped Member States to deal with the immediate impact of the energy crisis. However, the crisis also highlighted the lack of resilience to energy price spikes. For this reason, the President of the European Commission announced in September 2022, during her State of the European Union (SOTEU) address, the need for a fundamental reform of the electricity market design. These amendments seek to improve the design of the integrated electricity market, in particular to prevent unduly high electricity prices. This Directive stems from one same legislative initiative as Regulation (EU) 2024/1747. The draft law was adopted by the European Commission on 14 March 2023 as part of a legislative package seeking to reform the EU's electricity market design. The plenary of the European Parliament endorsed a negotiating position on the proposal on 14 September. The Council of the European Union adopted its general approach to the text on 17 October. An informal agreement on a compromise text for this file was reached on 14 December. This was formally endorsed by Parliament on 10 April 2024 and by the Council on 21 May. The Act was signed by the co-legislators on 13 June 2024 and published in the Official Journal on 26 June 2024. Please check the ESO Record for Regulation (EU) 2024/1747 for access to further information resources. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/dir/2024/1711/oj |
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| Subject Categories | Energy |
| Subject Tags | Energy Markets |
| Keywords | Electricity Grids | Network |
| International Organisations | European Union [EU] |
