The European Commission has proposed a revamp of Europe’s electricity market rules to try to increase the use of fixed-price power contracts, shield consumers from price spikes and speed up the shift to renewable energy.
Last year, the E.U. said it would overhaul its electricity market after cuts to Russian gas supplies following Moscow’s invasion of Ukraine drove European power prices to record highs, forcing industries to close and hiking household bills.
The Commission’s proposals included incentives for contracts that lock in stable, long-term power prices.