The European Commission on Tuesday adopted reforms aimed at enhancing energy security and reducing the dependence of consumer bills on volatile fossil fuel prices

The reforms come in light of the huge rise in energy prices in 2022, during the European Union's attempt to move away from Russian fossil fuels in the context of the conflict in Ukraine.

"We propose expanding the role of long-term instruments, introducing market-strengthening measures for PPAs, and strengthening the resilience of the electricity system through storage and demand-response measures," European Energy Commissioner Cadre Simson said Tuesday at a press conference.

Consumer protection will be improved, through the right to multiple contracts, the right to share renewable energy with neighboring countries and improved information on offers.

Meanwhile, vulnerable consumers will be protected from power outages, EU member states will commit to creating suppliers of last resort, and access to regulated retail prices will be guaranteed during the crisis.

EU industry must also become more competitive, as companies will be given better access to more stable and longer-term contracts and markets.

In addition, the reforms will accelerate the deployment of renewable energy sources. “We will require Member States to use two-way contracts for teams when awarding subsidies for new investments aimed at promoting low-carbon renewable energy generation,” said the Commissioner.

The proposed reforms will now be discussed by the European Parliament and the European Council before they are adopted.