Date: July 05
The Spanish presidency of the European Union (EU) has established as priorities the reform of the energy market, the promotion of renewable energies and the development of hydrogen. This approach is aligned with global efforts to combat climate change and move towards a more sustainable economy.
The reform of the energy market is a crucial issue on the EU agenda. The volatility of energy prices and reliance on fossil fuels have led to the need for comprehensive reform. The reform proposal seeks to make energy cheaper, avoid spikes in volatility and gain competitiveness in the global technological race towards a decarbonised economy.
In this context, renewable energies play a fundamental role. The European Commission (EC) aspires for 70% of European electricity to be renewable by 2030. To achieve this, long-term contracts between generators and consumers will be promoted to guarantee the profitability of investments in sustainable sources. In addition, the marginalist pricing system will be maintained in the intraday market, but the reduction of exposure to the volatile market will be promoted.
Hydrogen is also a priority for the EU. This element, when produced from renewable energy, can be a clean and sustainable energy source. Hydrogen can play an important role in decarbonising sectors that are difficult to electrify, such as heavy industry and long-distance transport.
The reform also takes consumers into account. It seeks to guarantee the electricity supply to vulnerable consumers in the event of not being able to meet the bills. In addition, individuals are encouraged to sell their excess electricity generated to their neighbors, which can generate savings and promote small-scale power generation.
The EU energy market reform proposal is an important step towards a greener and more sustainable economy. However, its implementation and success will depend on cooperation between Member States, companies in the energy sector and consumers. In this sense, the Spanish presidency of the EU has the opportunity to lead this change and set a precedent for future presidencies.
In conclusion, the reform of the energy market, the promotion of renewable energies and the development of hydrogen are the priorities of the Spanish presidency of the EU. These objectives reflect the need to move towards a more sustainable and resilient economy. Although the challenges are significant, the opportunities offered by this transition are enormous, both for the economy and for the environment.
Source: Energía Estratégica