The EU adopted key legal changes this year to reform the energy sector, paving the way for closer integration of gas and power markets. But its vision of an Energy Union still seems far off.
Perhaps the most eye-catching achievement was the reform of the Emissions Trading System in a move to tackle the huge surplus of carbon allowances, which is estimated at 1.7 billion. Twenty-four percent of surplus allowances will be put in a Market Stability Reserve each auctioning year for five years from...
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