The European Parliament’s Committee on Industry, Research and Energy have confirmed on Wednesday the agreement reached with the EU governments to reform the design of the European electricity market to improve its operation, give more power to consumers and facilitate the transition towards a model cleaner energy.
In particular, the MEPs have given their approval to both the new regulation of the European electricity market and the new directive, but the whole of the European Parliament should still take a decision in plenary at the end of March.
One of the main elements of the new rules is that electricity providers will have the freedom to set their prices, something that “will limit market distortions, lead to more competition and result in a fall in retail prices,” according to the company. Council of the EU.
However, the European partners that still regulate the price of electricity paid by households will be able to continue doing so, although they will have to present reports on the progress made to completely abolish public regulation of prices. The European Commission will have to evaluate by 2025 the progress made across the EU in this regard and even present a legislative proposal to put an end to the regulated prices.
It also seeks to strengthen the rights of consumers. For example, electricity providers will have to offer their customers the option to change companies without paying fees in a maximum period of three weeks and 24 hours after 2026.
Consumers will also have the right to request smart meters to monitor their consumption unless an impact analysis developed in a given Member State shows that the costs of this measure exceed their benefits. In addition, you must guarantee access to ‘online’ price comparators free of charge and may choose to have a dynamic electricity price from companies with more than 200,000 customers.