| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1747 |
| Publication Date | 26/06/2024 |
| Content Type | Legislation, Policy-making |
Summary:Regulation (EU) 2024/1747 - adopted by the co-legislators on 13 June 2024 - introducing amendments to Regulation (EU) 2019/942 and Regulation (EU) 2019/943 to improve the European Union's (EU) electricity market design (EMD). This is a text with EEA relevance. Further information:Regulation (EU) 2019/942 updated the role of the EU Agency for the Cooperation of Energy Regulators (ACER). Regulation (EU) 2019/943 updated the regulatory framework governing the internal electricity market. 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. The amendments to the Electricity Market Regulation seek to make electricity prices less dependent on volatile fossil fuel prices, shield consumers from price spikes, accelerate the deployment of renewable energies and improve consumer protection. This Refulation stems from one same legislative initiative as Directive (EU) 2024/1711. 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. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2024/1747/oj |
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| Subject Categories | Energy |
| Subject Tags | Energy Markets |
| Keywords | Electricity Grids | Network |
| International Organisations | European Union [EU] |
