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Von der Leyen: Gas and electricity prices must be decoupled


European Commission President Ursula von der Leyen said today that a full reform of the European electricity market should be done properly early next year, Reuters reports.

In a discussion with German Economy Minister Robert Hubback in Berlin, the head of the Commission noted that the electricity market should be reformed and gas and electricity prices should be decoupled.

“We need to develop a tool to ensure that gas prices no longer dominate electricity prices,” he said. “We see today with the extremely high gas prices that they will have to disconnect,” he added.

For his part, Robert Hubback noted that Germany is now facing the “bitter truth” that Russia will not restore natural gas flows to the country.

“It won’t come back… that’s the bitter truth,” Hamback said ahead of Gazprom’s planned shutdown of flows on the Nord Stream 1 pipeline for maintenance work.

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Source: Capital

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