Sánchez warns that if the European electricity market is not reformed, the green transition is at risk

MADRID, 24 May. (EUROPA PRESS) -

The President of the Government, Pedro Sánchez, warned this Tuesday at the Davos Economic Forum that if Europe fails to reform the electricity market, it will jeopardize the green transition to which it aspires, due to the current situation of electricity prices. Energy.

"We must modernize our European electricity regulatory framework because, if not, we will jeopardize the entire green transition," warned the president during his participation in a round table at the Davos Forum. He has also stressed that the "consequences" of the current emissions trading system are already affecting families and industries.

"It makes no sense that we are paying gas prices when we have energies as competitive as renewables and that the emissions trading market is totally altered", criticized Sánchez, who considered that it is necessary "to be more ambitious on a European scale".

The president has asked himself why it is "difficult" for the public authorities to intervene in the energy markets. "Instead, when the financial market does not work, politicians and economists advocate intervention," he continued.

In addition, Sánchez has argued that politicians need to continue to have the support of society, so it is necessary for everyone to see the advantages of the green transition. For this, he has urged political leaders to avoid measures that could affect those segments of the population that are suffering the most from the consequences of the pandemic or war.

For his part, the vice-president of the European Commission, Frans Timmermans, has criticized the fact that energy companies "are pocketing enormous extraordinary profits while citizens suffer because they cannot pay their electricity bills."

Thus, Timmermans has also considered it necessary to introduce reforms in the European electricity system, but has indicated that it is not something that can be resolved "overnight".