European Commissioner for Energy Kadri Simson made the statement at the press conference on the reform of the EU's electricity market design.
"For over two decades, the electricity market design has served European companies and consumers well, letting them enjoy the benefits of a single market. However, the energy crisis spurred by Russia's attack on Ukraine exposed a number of shortcomings in the current system which needed to be addressed," Simson explained.
The European Commission's plan is aimed at gradually phasing out the use of gas in electricity generation after prices became unstable due to Russia's invasion of Ukraine.
In addition, according to Simson, the reform will be aimed at making electricity bills of European consumers and companies more independent of short-term market prices. The reform will also accelerate the introduction of renewable energy sources and improve consumer protection.
The European Commission's proposal will now be considered by the European Parliament and EU member states before the plan can be turned into a series of laws, which will take at least several months.
"I call on the Parliament to treat this file as a priority so that we can conclude the work on this essential – and hopefully last! – piece of our legislative response to the energy crisis as soon as possible," Simson said.
On January 23, the European Union approved the seventh tranche of 500 million euros from the European Peace Facility, which is used for military assistance to Ukraine. This brings the total amount of military assistance to Ukraine allocated through this instrument to 3.6 billion euros.