Abstract
On January 23, 2023, the European Commission initiated a public consultation to reform the European Union’s electricity market (European Commission 2023) on the heels of extremely high wholesale electricity prices in Europe in the last months and days of 2022. Negative spot prices, however, were recorded in a large number of European countries on January 1, 2023, including Spain, France, Switzerland, Germany and the United Kingdom. Despite the large variety in how power systems are organized worldwide, from fully integrated monopolies to liberalized systems, all countries can learn from Europe’s experience. In Saudi Arabia and the Gulf Cooperation Council (GCC) countries, liberalization and markets are being introduced progressively, and it is an opportune time to learn from experiences abroad.
