Emergency measures implemented last year to curb energy usage and stabilise power prices are no longer required, states the European Commission.
These measures involved placing a maximum limit of €180 (£154) per MWh on wind and solar power revenues.
In a report submitted to the Council on 5th June, assessing the effectiveness of emergency interventions to tackle soaring energy costs, the European Commission found that the temporary measures introduced for the energy market in late 2022 have brought a sense of stability to the energy markets in Europe.
Measures included electricity demand reduction strategies, an infra-marginal revenue cap and retail price regulations.
The report further concludes that due to significant changes in the EU electricity market supply and pricing, compared to the exceptionally high levels observed last year, extending these emergency measures does not appear necessary or advisable at present.