The President of the Government of Spain, Pedro Sánchez warned at the Davos Economic Forum about the need for Europe to reform the electricity market, because otherwise it will endanger the green transition to which it aspires, due to the current situation of energy prices.

Sánchez pointed out: “We must modernize our European electricity regulatory framework because, if not, we will jeopardize the entire green transition.” He also stressed that the “consequences” of the current emissions trading system are already affecting families and industries.

He also stressed that “it makes no sense that we are paying gas prices when we have energies as competitive as renewables and that the emissions trading market is totally altered (…). It is necessary to be more ambitious on a European scale”.

Reforms to the electrical system

President Sánchez has wondered why it is “difficult” for the public authorities to intervene in the energy markets. “Instead, when the financial market is broken, politicians and economists advocate intervention,” he added.

In addition, he argued that politicians need to continue to have the support of society, so it is necessary for everyone to see the advantages of the green transition. For this, he has urged those responsible to avoid measures that could affect those segments of the population that are suffering the most from the consequences of the pandemic or the war.

On his side, the vice president of the European Commission, Frans Timmermans, has criticized the fact that energy companies “are pocketing enormous extraordinary profits while citizens suffer because they cannot pay their electricity bills.”

Thus, Timmermans has also considered it necessary to introduce reforms in the European electricity system, but has indicated that it is not something that can be resolved “overnight”.

M. Rodríguez

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Source: dpa

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