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Spain says power market reform, joint gas buying needed for climate transition

·1 min read

LUXEMBOURG, Oct 26 (Reuters) - The European Union electricity market must be reformed and EU countries should have the option to buy gas collectively, among other measures to tackle record-high power prices, Spain's Secretary of State for Energy said on Tuesday.

"Our proposal today is that options contracts for purchases can be done in a centralised manner by the European Union ... this could be activated in situations when security of supply is at risk," Sara Aagesen said as she arrived at a meeting of EU energy ministers in Luxembourg. (Reporting by Marine Strauss and Isla Binnie; editing by Kate Abnett)