EU Reaches Tentative Agreement to Overhaul Electricity Market
- Power market reform will enable support for nuclear energy
- Deal needs backing from national governments and EU parliament
Vapor rises from a cooling tower at a nuclear power plant in Golfech, France.
Photographer: Matthieu Rondel/BloombergThis article is for subscribers only.
The European Union agreed on an overhaul of the bloc’s power market to accelerate the rollout of renewables and curb volatility in electricity prices during the energy transition.
The tentative deal between representatives of the European Parliament and member states in the EU Council would enable state support for existing nuclear facilities using so-called contracts for difference to help provide price certainty for generators. It would also pave the way for coal-fired plants to receive subsidies to provide backup power during the move to clean sources.