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The European Parliament's Committee on Industry, Research and Energy (ITRE) formally agreed its position on the ongoing EU electricity market design revision, largely backing the European Commission’s proposal for a targeted reform.
WindEurope welcomes the European Parliament’s ITRE committee vote sticking to a targeted reform of the electricity market design.
Crucially the ITRE committee voted against enshrining in law revenue caps for inframarginal generators of electricity. This will help put an end to the patchwork of national market interventions.
The ITRE committee also agreed on different routes to market for renewables: Contracts for Difference, renewable Power Purchase Agreements (PPAs), and merchant investments.
The ITRE committee also supported the Transmission Access Guarantees (“TAG”) which will help de-risk investments in hybrid offshore wind farms. This will clear the way for hybrid offshore wind farms - that have connections to one or more countries - to become a central building block of Europe's offshore wind expansion.
With the ITRE Committee’s vote today, the European Parliament is almost ready to enter negotiations with the Member States and the EU Commission (trilogues) on a final deal. In parallel the 27 EU Member States have not yet finalised and agreed their negotiating mandate on the EU electricity market design revision. It is expected they will reach agreement as well in autumn for trialogues to begin.The EU electricity market design reform needs to be finalised by the end of 2023 as mandated by EU Heads of State and Government earlier this year.