The EU is considering a new electricity plan in the wake of the energy crisis

The European Commission has proposed a "thorough reform" of the electricity market in the EU, which is supposed to help protect citizens from a sharp increase in prices, accelerate the introduction of renewable energy sources and increase the bloc's independence from energy imports from abroad, the Associated Press reports. The plans will now be reviewed by the EU parliament and member states before they become law, a process that will take several months, the agency continued. Bloomberg reports that the proposed changes to the EU's common electricity market are part of a broader EU plan to "strengthen competitiveness while transitioning to a greener economy." According to Reuters, the changes proposed by the commission stopped short of the revision that some countries had hoped for at the height of last year's price spikes. It adds that they are leaving in place the existing system of setting energy prices on European wholesale markets, which the commission says helped prevent energy shortages during last year's energy crisis. However, the news portal added that the plan contained measures to protect customers from short-term price spikes, including preventing suppliers from disconnecting vulnerable consumers who cannot pay their electricity bills. According to the Financial Times, EU Energy Commissioner Kadri Simson has warned Germany against capping electricity costs for industry, which she says would damage the European single market. Instead, she "advocated for alternative proposals from the European Commission to stabilize the market through the use of long-term contracts".
The Financial Times reports that EU commissioners are sparring over plans to include nuclear power in new funding rules aimed at boosting the bloc's low-carbon industries due to be published this week. Nuclear energy was included in an early draft of the bill as a "strategic sector with zero net consumption," meaning that new power plants could receive an expedited permit, the newspaper continued. He adds that according to officials, commission chief Ursula von der Leyen is "pushing for a compromise that would include small modular reactors but not larger nuclear plants."
Other EU news: The European Parliament has finally approved tougher national targets to reduce emissions in some sectors and expand natural ecosystems, such as forests, that absorb carbon dioxide (CO2), Reuters reports. It is part of a major EU climate package that aims to cut emissions by 55 % by 2030 and will be voted on by member states before it becomes law. However, EU countries and lawmakers agreed on the details last year, so these final votes usually pass the laws without changes, the article said. The European Parliament also approved a law aimed at reducing household energy bills and faster disconnection of EU countries from Russian gas, adds another Reuters article.

Associated Press, "Carbon Brief"