The Third Energy Market Package – EU energy market rules, were incorporated into the EEA/EFTA Agreement last week. Norway and the EU are closely connected through the energy market – by including the Third Energy Market Package into the EEA/EFTA Agreement, Norwegian actors are secured access to the EU-market.
The aim of the Third Energy Package is to improve the functioning of the Internal Energy Market. The package separates energy supply and generation from the operation of transmission networks, and strengthens the independence and cooperation of energy regulators. It also covers cross-border cooperation between transmission system operators and increases transparency in retail markets to benefit consumers. The Joint Committee Decision (JCD) contains substantial adaptations necessary for the participation of the EEA EFTA States in the Internal Energy Market. The approval of the Third Energy Package – by both sides – is the result of constructive discussions between the EU and the EEA EFTA States.
25th anniversary – The EEA Joint Committee provides a forum for the EEA EFTA States and the EU to exchange views and take decisions by consensus to incorporate EU legislation into the EEA Agreement. The meetings last week marks the 25th anniversary of the signing of the EEA Agreement since the first one in Porto, Portugal. The Agreement brings together the EU and EEA EFTA States in a Single Market, ensuring legal homogeneity. Since its entry into force in 1994, a lot of acts have been incorporated.
EEA – The European Economic Area (EEA) brings together the EU Member States and three of the EFTA States (Iceland, Liechtenstein and Norway). It was established by the EEA Agreement, an international agreement which enables these three EFTA States to participate fully in the Single Market. The objective of the EEA Agreement is to create a homogenous European Economic Area. All relevant EU legislation in the field of the Single Market is integrated into the EEA Agreement so that it applies throughout the whole of the EEA, ensuring uniform application of laws relating to the Single Market.
Renewable energy sector – The Third Energy Package Agreement between EEA/EFTA and EU is also of importance for the renewable sector in Norway – this means that there will be a close connection to the EU renewable energy market.