BRUSSELS, Dec 14, 2023 (BSS/AFP) - The European Union reached an agreement on Thursday to reform the bloc's electricity market in a bid to reduce dependence on fossil fuels and stabilise consumer prices, Spain's energy minister said.

"Today, the Council and the Parliament reached a provisional agreement to reform the EU's electricity market design (EMD)," said Teresa Ribera, Spain's energy minister, whose country holds the EU's rotating presidency.

"The reform aims to make electricity prices less dependent on volatile fossil fuel prices, shield consumers from price spikes, accelerate the deployment of renewable energies and improve consumer protection."