EU energy ministers discuss electricity market reform and emergency measures to curb high gas prices
EU energy ministers will hold an informal meeting in Prague on 11−12 October 2022 to discuss the need and ways to reform the electricity market as well as emergency measures to curb high gas prices.
Minister of Economic Affairs Mika Lintilä will represent Finland at the informal meeting of energy ministers.
Finland is open to different emergency measures
The Commission has proposed a roadmap to curb high energy prices, in particular gas prices, and to ensure the security of energy supply. The energy ministers will continue to consider additional measures based on this approach. Finland prefers rapid EU-level action. Finland is open to different options for reducing the energy prices and mitigating uncertainty and risks in the market.
Finland emphasises that the selected measures must have a quick impact on energy prices without compromising the security of energy supply. Despite the crisis, the effects of different options, such as a price cap on gas, should be carefully evaluated.
Long-term development of EU electricity market needed
At the request of the Member States, the EU began development work to reform the electricity market last autumn after a significant rise to the energy prices. Finland supports the long-term development of the electricity market, where the EU should focus on the wholesale electricity market, in particular.
The ministers will also discuss the electricity derivatives market. In Finland and several other EU countries, high electricity derivative prices have caused a severe lack of liquidity for electricity producers, and the high prices of electricity have pushed the derivatives market into a crisis. Finland has emphasised for quite a while that the Commission should immediately review the rules concerning the derivatives markets.
In informal meetings, ministers discuss current issues, but do not make decisions.
Inquiries:
Hannes Torppa, Special Adviser to the Minister of Economic Affairs, +358 295 047 405
Nina Alatalo, Adviser to the Minister of Economic Affairs (EU and international affairs), Ministry of Economic Affairs and Employment, tel. +358 29 504 7171
Elina Johansson, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 504 7327