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EU plans power market rejig to blunt price spikes

STORY: The European Union said last year it would overhaul its electricity market after cuts to Russian gas supplies following Moscow's invasion of Ukraine drove European power prices to record highs, forcing industries to close and hiking household bills.

The proposals were set out at a news conference Tuesday by European Commissioner Kadri Simson, and included incentives for contracts that lock in stable, long-term power prices, to make consumers' electricity bills less exposed to short-term swings in fossil fuel prices.