A European Union-wide cap on electricity prices and major reform of the EU’s electricity market is urgently required to address soaring bills according to Fine Gael’s Colm Markey.
The Midlands-North-West MEP said the current system is not fit for purpose as currently, wholesale electricity prices are linked to the price of gas.
That’s despite only 21% of EU electricity being produced from gas, with the vast majority coming from renewables who’s cost base has not changed significantly as a result of the crisis.
Fine Gael’s Colm Markey says at a time when homeowners and businesses face astronomical bills, emergency intervention is needed.
