Mapping a Public Pathway for Europe’s Energy Transition

This study sets out to achieve two objectives. The first objective is to examine the main features of Electricity Market Reform (EMR) proposed by the European Commission (hereafter, the Commission) in March 2023 and subsequently adopted by the European Council in December2023.1 The study discusses the impetus for reform, how and why the initial plans for fundamental reform were largely abandoned, and considers the implications of the steady drift towards a policy framework based on what can be termed “fortified de-risking”, which is anchored in legally binding long-term contracts.

The second objective of this study is to present the outlines of an alternative approach to the energy transition, known as a “public pathway”. This approach will require a deep, fundamental reform of the electricity sector itself.

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