The European Union (EU) adopted new rules on June 25 to strengthen the internal energy market in the 27-nation bloc.
The European Commission, executive arm of the EU, said the main objective of the legislative package, which was adopted by EU environment ministers in Luxembourg, is to put in place the regulatory framework needed to make market opening fully effective.
"This is a major step towards a truly integrated European energy market, and the right European Union response to the structural challenges we face, " European Commission President Jose Manuel Barroso said in a statement.
According to the package, national energy regulators of EU member states will be truly independent and competent so as to provide more effective regulatory oversight, and an EU agency for the cooperation of national energy regulators will be set up to address relevant cross-border issues.
The new rules also give consumers more protection and the benefit of the lowest possible energy prices while offering companies the chance to compete on a level playing field.
In addition, the rules will promote sustainability by stimulating energy efficiency.
"It is good news for business and citizens alike who need competitive prices and security of energy supply," Barroso said.
EU member states now have 18 months to transpose the new rules into national laws.
Source:Xinhua
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