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The reform of the European electricity market, approved in the European Parliament

The plenary session of the European Parliament on Thursday approved the reform of the European Union (EU) electricity market proposed during the recent energy price crisis, an adjustment that seeks to provide affordable and stable prices, protect consumers and boost the deployment of renewables.

The reform, consisting of a regulation and a directive, obtained broad support (433 votes in favour, 140 against and 15 abstentions; and 473 votes in favour, 80 against and 27 abstentions, respectively) and will be official when the Council of the EU also adopts the new market design with which the EU bloc also intends to move away from Russian hydrocarbons. “It is time for the electrification of energy demand,” said the chief negotiator on behalf of the European Parliament, Nicolás González Casares (Spanish Socialist Workers’ Party), in the debate prior to the vote, who referred to the adjustment as “a reform of the present and the future” to move towards decarbonisation.

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