In a ‘non-paper’ sent to the European Commission on Tuesday 10 January, the Spanish government presented its proposal for reforming the EU electricity market.
According to Madrid, the current design of this market does not meet the challenges of decarbonisation or the increasing volatility of commodity markets.
The paper points to the existence of barriers to entry, which prevent competition in the market from bringing prices down to the average cost, and a lack of incentives to invest...