European Commission President Ursula von der Leyen on Wednesday pledged “deep and comprehensive reform” of the European Union (EU) electricity market and promised to continue exploring ways to bring down natural gas prices. 

Europe

The EU is being “tested” not only with Russia’s war on Ukraine, but “a war on our energy. It is a war on our economy,” she said during a State of the Union address before the European Parliament.

Von der Leyen supported calls for a decoupling of prices in the electricity markets. The electricity market is “not fit for purpose anymore,” she said. “So we have to decouple the dominance of the price of gas on the price of electricity.”

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