Financial Wire

New EU Regulation to Slash Energy Switching Times to 24 Hours by End of 2026

-- The European Commission has adopted new rules requiring the back-office process of switching electricity suppliers to be completed within 24 hours, according to a statement released by the commission Tuesday.

Effective by the end of 2026, the regulation aims to foster competition and help consumers mitigate price increases through a more flexible retail energy market, it said.

The commission confirmed it will provide ongoing guidance to EU member states and market participants to ensure the 24-hour standard is met.

This measure follows Commission Implementing Regulation 2023/1162, as per the statement.

According to the commission, the rules will enable citizens to quickly access better deals and demand-response services, strengthening innovation across the EU's digitalized retail electricity sector.

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