This is according to a report published on Friday by the Agency for the Cooperation of Energy Regulators (ACER), devoted to an overall assessment of the functioning of the wholesale electricity market in the EU. Comparing the way in which households and businesses have been affected by the increase in energy prices over the past year, ACER estimates the evolution of electricity prices for households in Brussels at +99% ( in cents/kWh, comparison of February 2022 compared to February 2021). This is the largest increase of the 27 capitals, far ahead of Amsterdam (+64%), or Paris (+13%), the average increase in the retail purchase price being 30% over this period (65% for the gas).
The report is a response to a request from the European Commission which, last October, had asked the agency to analyze the advantages and disadvantages of the current organization of the wholesale electricity market, as well as to provide recommendations to improve its operation. The request was made in a context of shared concerns regarding soaring energy prices, mainly linked to the price of gas, demand for which has grown with the post-Covid economic recovery. Since then, the war in Ukraine has further complicated the debate, reinforcing calls across Europe to move away as quickly as possible from fossil energy sources, of which Russia is a major supplier for the continent.
ACER recalls, however, that its ambition goes beyond the current difficulties: it is a question of seeing whether the way in which this market operates will allow the green transition that the EU is aiming for. Overall, the agency responsible for assisting and coordinating the national regulatory authorities (including the Creg for Belgium) considers that it is not necessary to completely revise its copy: the current crisis is not due to a dysfunction of the wholesale electricity market, the latter even helped to mitigate the crisis to a certain extent, analyzes the agency. On the other hand, long-term improvements are indicated to accompany the European will to decarbonise energy.
