Regulation (EU) 2024/1747

The Committee on Industry, Research and Energy adopted the report by Nicolás GONZÁLEZ CASARES (S&D, ES) on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2019/943 and (EU) 2019/942 as well as Directives (EU) 2018/2001 and (EU) 2019/944 to improve the Union’s electricity market design. The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows: The amended text stressed that a well-integrated market should enable the Union to reap the economic benefits of a single energy market in all circumstances, including in the event of an electricity price crisis, guaranteeing security of supply and supporting the decarbonisation process to achieve the objective of climate neutrality. The Commission should consider strengthening the obligation to make 70% of interconnection capacity available for cross-border trade in order to make the electricity market fit for an energy system primarily based on renewable energy, which requires more and better interconnection to sustain a high security of supply. The European Parliament adopted by 433 votes to 40, with 15 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2019/943 and (EU) 2019/942 as well as Directives (EU) 2018/2001 and (EU) 2019/944 to improve the Union’s electricity market design. The position adopted by the European Parliament at first reading under the ordinary legislative procedure amends the proposal as follows: The amended text highlights that strengthening the internal energy market and achieving the climate and energy transition objectives requires a substantial upgrade of the Union’s electricity network to be able to host vast increases of renewable generation capacity, with weather-dependent variability in generation amounts and changing electricity flow patterns across the Union, and to be able to address new demand such as electric vehicles and heat pumps. Any reform of the Union’s electricity market should contribute to a more integrated European electricity network , with a view to ensuring that each Member State reaches a level of electricity interconnectivity in accordance with the electricity interconnection target for 2030 of at least 15 %. The reform of the electricity market design aims to achieve affordable and competitive electricity prices for all consumers. Intraday markets are particularly important for the integration of variable renewable energy sources in the electricity system at the least cost. The gate closure time of the cross-zonal intraday market should therefore be shortened and set closer to real time in order to maximise the opportunities for market participants to trade shortages and surplus of electricity and contribute to better integrating variable renewable energy sources into the electricity system. In order to ensure that order books are shared between nominated electricity market operators (NEMOs) in the day-ahead and intraday market coupling time frames, NEMOs should submit all orders for…

Official title: Regulation (EU) 2024/1747 of the European Parliament and of the Council of 13 June 2024 amending Regulations (EU) 2019/942 and (EU) 2019/943 as regards improving the Union’s electricity market design (Text with EEA relevance)

Summary extracted from the European Parliament's own per-stage procedure record. Data © European Union (Decision 2011/833/EU). Methodology.