April 11 (Reuters) - The European parliament on Thursday voted for proposals to make electricity prices less dependent on fossil fuel prices, in a bid to boost renewable energy and shield consumers from price spikes.

The new rules seek to shift to longer term, fixed-price contracts to protect consumers from volatile energy markets. They also aim to improve the investment climate for new renewable energy projects and in turn improve the bloc's energy security.

The European Commission proposed changes to the EU's electricity market last year after EU power prices soared to record levels as Russian gas supplies were cut following the invasion of Ukraine.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

https://www.reuters.com/business/energy/eu-parliament-adopts-proposals-power-market-reform-2024-04-11/