European Union
On July 16, 2024, Regulation (EU) 2024/1747 will come into force
On July 16, 2024, Regulation (EU) 2024/1747 of the European Parliament and of the Council of June 13 will come into force, amending Regulations (EU) 2019/942 and (EU) 2019/943 regarding improving the Union’s electricity market design.
In a complex context, the Regulation establishes the guidelines for the reform of the Union's electricity market design, to reduce its fluctuations and protect consumers from price variations, while also ensuring security of supply and accelerating renewable energy deployment.
We highlight the following key aspects
- Aiming to achieve affordable and competitive electricity prices for all national customers and the Union’s industries
- Striving to stabilize markets and long-term prices by promoting power purchase agreements (PPAs)
- Promoting financial investments in low-carbon power-generating facilities with direct support schemes by means of two-way contracts for difference (CFDs) or equivalent schemes
- Promoting use of peak-shaving products
- Promoting non-fossil flexibility support schemes consisting of payments for the available capacity of non-fossil flexibility
- Adapting intraday markets to the participation of renewable energy technologies
- Accelerating the implementation of energy infrastructures from renewable energy sources to meet the Union’s 2050 climate neutrality objective.