During a Council meeting of EU energy ministers held in Brussels, Minister for Environment, Energy and Enterprise Miriam Dalli, reiterated Malta's position on the need to decouple gas prices from electricity prices. As things stand today, electricity prices are set by the market hourly closing prices which is usually determined by the electricity generated by gas power plants and hence by gas prices.
The EU Energy Council meeting discussed the new European Commission proposal for a new electricity market design, the gas and hydrogen package, and the gas demand reduction.
On the new electricity market design proposal, Minister Dalli highlighted the need to reform the EU electricity market, as States like Malta are exposed to high electricity prices due to the way the EU electricity market operates, even though the Maltese consumer is protected from fluctuating prices through government measures.
Minister Dalli emphasised the importance of delivering a revised market design that ensures price stability and guarantees the security of supply in the long run the benefits of which should effectively be shared amongst all EU consumers, including consumers in Member States that are dependent on cross-border markets, like Malta.