Soaring energy prices climb up EU's political agenda

FILE PHOTO: European Commissioner for Energy Kadri Simson speaks during an online news conference on renewable energy at the EU headquarters in Brussels, Belgium November 19, 2020. Francisco Seco/Pool via REUTERS

BRUSSELS (Reuters) - The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs.

European electricity and gas prices have rocketed higher this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic.