EU, German leaders pledge reform to cut electricity prices

BERLIN (AP) — The head of the European Union’s executive branch and Germany’s chancellor have pledged a reform of the continent’s electricity market to help bring down power prices that have been pushed higher by skyrocketing gas prices. European Commission President Ursula von der Leyen said in a speech in Bled, Slovenia on Monday that “skyrocketing electricity prices are now exposing the limitations of our current electricity market design.” She said it was developed for different circumstances, and “that is why we are now working on an emergency intervention and a structural reform of the electricity market.”