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OCR
XI. DIRECTIVE (EU) 2019/044 — RECASTING THE INTERNAL ELECTRICITY MARKET RULES. ............................. 111 1. Grounds for and Objectives of the New Directive ................. 111 a) Adjustment of market rules. ........................... 111 b) Consumers at the heart of the Energy Union... ................ 112 c) Security of electricity supply ........................... 114 d) Regional cooperation. ............................... 115 e) Adapting regulatory supervision to regional markets ............. 116 2. Legal Basis, Subsidiarity and Proportionality. . .................. 117 a) Legal basis. ..................................... 117 b) Subsidiarity . .................................... 118 c) Proportionality ................................... 119 d) Choice ofthetypeofact. ............................. 120 3. Main Provisions of Directive (EU) 2019/944 .,,,................. 121 XII. FIT FOR 55 AND REPOWER EU: CLIMATE TARGETS MEET MARKET REALITIES.................... 135 1. Ambitious climate plans ............................... 135 2. The EU’s Climate Targets and the Fit for 55 Legislative Package......... 135 a) Strengthening Carbon Pricing (EU ETS and ETS2)............... 136 b) Carbon Border Adjustment Mechanism (CBAM) ............... 136 c) Effort Sharing and National Targets ....................... 136 d) Renewable Energy and Energy Efficiency .................... 137 e) Clean Transportation Standards ......................... 137 f) Social Climate Fund ................................ 138 g) Energy Market and Other Reforms........................ 138 3. The REPowerEU Plan: Marrying Climate Policy with Energy Security . . . .. 139 a) Diversifying and Securing Energy Supply .................... 139 b) Accelerating Renewable Energy Deployment .................. 140 c) Enhancing Energy Efficiency and Demand Reduction ............. 140 d) Funding the Transition (Recovery and Resilience Facility) .......... 141 e) Market Reforms and Industry Support. ..................... 141 4. Reconciling Climate Ambition with Market Realities . .............. 142 a) Fossil Fuel Infrastructure vs. Climate Lock-In ................. 142 b) Infrastructure and Permitting Bottlenecks ................... 143 c) Energy Prices and Market Interventions. .................... 143 d) Industrial Competitiveness and Carbon Leakage................ 144 e) Meeting Targets in Practice. ........................... 144 5. The essence of realities ................................ 145
