The euro area is experiencing a prolonged period of inflation, which has triggered a cost-of-living crisis and had a significantly deleterious impact on consumers and business across economies.
Energy price increases lie at the heart of European inflation. In recent months, the price of gas has sky-rocketed in Europe, directly impacting the price of electricity. Governments across the EU have utilised multiple fiscal measures to cushion the effects of energy price hikes on citizens, and the European Central Bank has raised interest rates throughout 2022 to curb rising inflation.
In her 2022 State of the Union address, European Commission President Ursula von der Leyen remarked that “the electricity market no longer works and requires radical reform to meet all the challenges posed by the structural transformations associated with the low-carbon transition […] It needs to be adapted to the new reality of dominant renewable energies because the electricity market was designed 20 years ago when [renewable energy] was marginal.” The current energy crisis has forced policymakers to consider whether the current electricity market design is fit for purpose.
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– If reform of the market is inevitable, what should it look like and how can it expedite the decarbonisation of European energy supply?
– What are the other structural changes needed in order to make the electricity system compatible with the European Green Deal?
– How can EU reforms account for the divergence of opinions among the member states on what should be done?
– Can a green power market, separate from fossil fuels, be established in Europe?
Director of the Florence School of Regulation at the European University Institute (EUI)
Leonardo Meeus is a Professor and the Director of the Florence School of Regulation at the EUI. The Loyola de Palacio Chair on European Energy Regulation and Policy at the Robert Schuman Centre is also a part-time professor at the KU Leuven in the engineering department and teaches public affairs at Vlerick Business School, where he used to be a partner. Meeus is an editor for the IEEE Transactions on Energy Markets, Policy and Regulation journal, and has published the open access book, “The Evolution of Electricity Markets in Europe”, as well as blogs about research with impact.
Project Director for Electricity Market Design and Nuclear Regulation at Électricité de France (EDF)
Damien Siess is the Project Director for Electricity Market Design and Nuclear Regulation at EDF. He first joined the EDF Group as the strategy director of Dalkia, an energy service company. Siess has previously worked as the corporate strategy director of the Union of the French Electricity Industry, prior to which he was a civil servant at the French Ministry of Energy and Environment and ADEME, the French Agency for the Ecological Transition. He began his career at the Regional Directorate for Industry Research and Environment of Brittany (DRIRE), where he managed the Industrial Environment Division.
Director of Green Transition and Energy System Integration at the European Commission Directorate-General for Energy (DG ENER)
Prior to assuming her current position at DG ENER, Catharina Sikow-Magny served as the head of unit in charge of consumers, local initiatives and just transition, as well as the head of united responsible for networks and regional initiatives. At the European Commission, she has also worked on international transport, trans-European network policy and financing, internalisation of external costs and strategic policy research. Sikow-Magny has previously served as a team leader and chief economist in the private sector in Finland, as well as for the United Nations Development Programme (UNDP) in Port-au-Prince, Haiti.
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- Area of Expertise
- Climate, Energy & Sustainability