A French proposal to be tabled at a council meeting of European energy ministers this Thursday is expected to call for RES and nuclear energy windfall profits to be directly returned to the market, without passing through any operator, as is the case in Greece with RES market operator DAPEEP, to help subdue elevated wholesale electricity prices.

Energy authorities of Europe’s south, including Greek energy minister Kostas Skrekas, will be up against the firm belief of ACER, Europe’s Agency for the Cooperation of Energy Regulators, and Europe’s north that the single electricity market is functioning properly and does not require reforms, despite the exorbitant wholesale market price levels.

The prolonged crisis and, until now, apparent ineffectiveness of EU tools to remedy the situation do not appear to have convinced Europe’s north and the European Commission of the need for any revisions.

Europe’s north sees no need for change as it is backed by the security of multiple grid interconnections, a rich energy mix, storage facilities, and better functioning energy exchange markets, and, as a result, has aligned with the views of ACER.

A latest report by this agency on wholesale electricity prices, to be discussed at Thursday’s meeting, sees no abuse of dominant positions or room for improved market functioning.