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EU Power Market Not Working Thanks to Putin, Von Der Leyen Says

  • Commission chief says electricity market needs changes
  • EU power prices soared on limited supplies of Russian gas
Bloomberg business news
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The European Union’s power price-setting system is no longer functioning properly and requires changes after Russian President Vladimir Putin turned energy into a weapon, according to Commission President Ursula von der Leyen.

“The electricity market is no more a functioning market because there’s one actor -- Putin -- who’s systematically trying to destroy it and to manipulate it so we really have to react to that and that’s why we’re addressing now the composition of the electricity market,” she told a press conference in Denmark on Tuesday.