When European institutions came under pressure last year to reform the common rules governing electricity markets across the EU, everything was on the table.  Governments across the 27 member states were facing electorates angered by skyrocketing electricity bills, which themselves resulted from record-high gas prices after the war in Ukraine cut off most supplies from Russian pipelines. Existing European rules dictate that electricity producers enter the market in “merit order”. The cheapest forms of electricity generation, including renewable ones, supply the national grid first. Prices then rise for all generators as more expensive (usually gas-fired) power stations are switched on…

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