An EU-wide cap on electricity prices and reform of its electricity market is urgently required to address soaring bills.
That’s according to Midlands-North-West MEP, Colm Markey, who says the current system is not fit for purpose.
He added that just one fifth of the electricity generated in the EU comes from gas while two thirds comes from renewables.
Mr Markey says that electricity price should be based on the cost base of the 80% market that hasn't been affected, rather than on the most expensive 20%.
He said the EU now needs to look at price caps and changing the rules to decouple electricity and gas prices altogether.
"At a time when homeowners and businesses face astronomical bills, emergency intervention is needed," Mr Markey continued.
"The EU must look at price caps and changing the rules to decouple electricity and gas prices altogether.
"This should be top of the agenda at an emergency meeting of EU energy ministers next week."
