Dáil Éireann Debate, Thursday - 16 November 2023
30. Deputy Richard Bruton asked the Minister for the Environment, Climate and Communications whether consensus is emerging in the EU on future reforms in the electricity market; their likely impact on Ireland; and if he will make a statement on the matter. [50279/23]
View answerThe European Commission published a suite of legislative proposals in March looking to reform the electricity market design (EMD). These legislative proposals followed a public consultation that was initiated in order to better protect consumers from excessive price volatility, support their access to secure energy from clean sources, and make the market more resilient. Council agreed a general approach on EMD at the Energy Council meeting on 17th October after extensive negotiations by Member States. EMD commenced EU Trilogue negotiations on 19th October. The Presidency aims to close the file before the end of the Presidency.
Alongside the EMD proposals, the Commission also published proposals for regulation on wholesale energy market integrity and transparency (REMIT). These proposals will provide stronger protection against market manipulation in energy trading, enhancing confidence and integrity in relation to REMIT. Council agreed a general approach on REMIT in June and Trilogues commenced in September. The Council and the Parliament reached a provisional political agreement on the regulation on 16th November. The provisional agreement now needs to be endorsed and formally adopted by both institutions.
Ireland welcomes the general approach that was agreed by Energy Council on both EMD and REMIT and we support the objective of the European Commission on improving the efficiency of the electricity market and optimising the market to ensure best value for consumers.
