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Emergency interventions in electricity markets: which long term legacy?
Europe’s energy crisis has led policy makers to wide ranging interventions in electricity markets to try and protect consumers from the sharp increase of wholesale power prices. Whilst most of these measures were conceived to be a short-term response to a short-term shock, it has become clear in recent weeks that the energy crisis will be enduring and high prices will remain in Europe for a longer time than initially envisaged.
On 14 September 2022, the European Commission proposed a set of emergency market interventions to reduce bills for Europeans, including the introduction of a revenue cap for inframarginal technologies. The proposed should be limited in time (it should apply no later than 1 December 2022 and until 31 March 2023), but preface a structural reform of the electricity market.
This raises the question of the effect of the initial measures on the wholesale and retail market in the different countries, but also to analyse to what extend temporary measures could have a long-term legacy and/or influence the evolution of the electricity market design.
The objective of the conference will be to analyse the different types of measures that have been implemented across Europe to date and the European Commission proposals for emergency market intervention. The conference participants will also discuss the potential legacy of these short-term interventions and identify key priorities for a structural reform of the market.
