Reforming the EU internal electricity market in the middle of a huge energy crisis: an absolute short-term emergency or preparation for the future?

Jean-Michel Glachant

No 2023/03, RSCAS Working Papers from European University Institute

Abstract: Having identified the basic characteristics of the current energy crisis and its particular shape in the European Union, three questions immediately arise. 1) If gas is at the ‘core’ of the EU mixof energy crises, why hastily reform the internal electricity market? Is the electricity market badly affecting the gas crisis, amplifying it or worsening its consequences? Are we short of sufficientlygood emergency tools to immediately intervene against the detrimental effects of the EU gas crisis on the EU electricity market and vice versa? 2) If one assumes that most of the detrimental priceeffects of the gas crisis can be addressed with regular EU emergency tools, should we nevertheless revisit the EU electricity market to make it stronger vis-à-vis such a major energy shock? Wouldstrengthening our internal EU electricity market against future energy shocks reinforce or weaken our well-established policy of securing an EU decarbonisation path to 2030 or 2050? 3) If strengthening and reforming our EU electricity market can help our EU electrification strategy and our general path to decarbonisation, can we already foresee other conditions and constraints which could slow down or block this securitisation of our energy future?

Date: 2023-01
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