Friday, August 24, 2007

EU urges price control of power, gas markets-paper

The commission of the European Union is drawing up plans to control prices of power and gas, Handelsblatt newspaper reported on Thursday, citing a draft law from the bloc's executive arm.

Under the law, utilities would have to notify authorities over prices, volumes and the duration of contracts on wholesale markets for electricity as well as natural gas, the paper said.

Energy Commmissioner Andris Piebalgs has also suggested giving supervising bodies the power to impose sanctions on utilities and setting up a pan-European regulator, the daily reported.

From Reuters