EU and German leaders pledge reform to help cut electricity prices

President of the European Commission Ursula von der Leyen arrives at the Bled Strategic Forum in Bled, Slovenia (Darko Bandic/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, that soaring electricity prices “are now exposing the limitations of our current electricity market design”.