Monday, March 7, 2011

Single energy market in EU

It has been almost 15 years in the making but it looks as if the European Union (EU)EU will establish a single energy market. The EU is the world's largest and most developed regional energy market with 500 million people and 20 million companies. The goal of the third EU energy package is to set up a single energy market and separate the operation of gas pipelines and electricity networks from the business of providing gas or generating power.

On Thursday the EU inaugurated its new energy regulators' office, the Agency for the Cooperation of Energy Regulators (ACER) in Slovenia as new legislation for liberalising the EU's internal energy market came into force. ACER's main tasks will be to develop guidelines for harmonising national grid codes, solving conflicts between regulators, supervising the work of the European Networks of Transmission System Operators and advising the EU's executive Commission on energy market issues.

Last month European leaders launched a trillion-euro bid to slash dependency on Middle East oil and Russian gas, clearing the way to place renewable energy and nuclear power at the centre of the EU's energy requirements.

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