EU chief proposes reform of electricity market

BRUSSELS (AP) — The European Union’s top official has proposed a reform of the bloc’s electricity market amid the energy price crisis hurting businesses and households. European Commission president Ursula von der Leyen said a “deep and comprehensive reform of the electricity market” is required to reduce the influence of gas on electricity prices. Natural gas is used to power industry, heat homes and offices and generate electricity. Even before Russia started its war against Ukraine, many EU member states had been calling for a thorough and structural reform of the bloc’s energy market because they believe that the influence of gas in setting wholesale electricity prices is disproportionate.