Ursula von der Leyen calls for 'emergency intervention' in electricity market

The worsening energy crisis besieging Europe has laid bare the "limitations" of the electricity market and requires an "emergency intervention" to bring down soaring prices, Ursula von der Leyen has said. "The skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design," the European Commission president said on Monday while addressing the Bled Strategic Forum in Slovenia. "[The market] was developed under completely different circumstances and for completely different purposes. It is no longer fit for purpose. "That is why we, the Commission, are now working on an emergency intervention and a structural reform of the electricity market. We need a new market model for electricity that really functions and brings us back into balance." (Source Euronews)