EU Regulators: Electricity Market Not To Blame For Energy Crisis

The EU’s wholesale electricity market is not to blame for the gas and power crisis in Europe as the current design ensures efficient and secure electricity supply under relatively ‘normal’ market conditions, the EU Agency for the Cooperation of Energy Regulators (ACER) said in a new report on Friday. Natural gas and electricity prices in Europe surged to record levels this year as the already ongoing gas supply crunch was exacerbated by the Russian invasion of Ukraine. Power prices hit records in many markets, stoking inflation…