Greek PM proposes six-point plan to stabilise Europe’s energy market

·

In a letter to European Commission President Ursula von der Leyen, the Greek Prime Minister, Kyriakos Mitsotakis, called for a six-point proposal to counter a jump in energy prices in the European Union as the war in Ukraine continues.

The proposed plan, outlined by Mitsotakis in an opinion piece on news outlet Politico, includes a price cap on title transfer facility (Europe’s regional gas benchmark), and daily price guardrails to limit volatility on the fluctuation band on TTF.

Mitsotakis has written to von der Leyen (left).

It also foresees a fixed-price setting as an emergency reaction to declarations regarding pipeline gas flows from Russia, as well as a profit cap on gross margins.

“Natural gas has become a major factor in the power struggle between Russia and the European Union,” Mitsotakis said.

“This spiral of speculation and politicised price hikes must stop.

“Extreme circumstances call for out-of-the-box thinking, and the time has come to address this threat head on. We are seeking to intervene only as a last resort and with a temporary set of measures.”

The European Commission said on Tuesday that it plans to store more natural gas and add more renewable-energy sources as part of a plan to reduce the bloc’s dependence on Russian gas imports by two-thirds by the end of the year.

According to the EU, the plan could end members’ dependency from Russian gas entirely before 2030.

Source: Ekathimerini.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Spurs sack Ange Postecoglou despite Europa League glory

Tottenham Hotspur have confirmed that Ange Postecoglou will not continue as manager next season, despite ending the club’s 17-year trophy drought with a Europa...

Meet TIFANY: The Greek Australian artist making waves in RnB

Are you looking for your new favourite Greek artist who combines unique sounds of RnB, house and EDM music?

Heirs of a Greek inheritance: Most common problems to deal with

There are many people of Greek descent all over the world whose parents or other close relatives had properties in Greece.

Niki Louca shares her family favourite Indokaridopita (coconut cake) recipe

It is a cake her aunty Panayiota used to make often in years gone by, and one she hasn’t had for a long time.

Naz Vardar to give Melbourne seminar on shaping Vlach identity

The focus lies on the story of a Vlach priest navigating his way within the local Vlach community in Manastir (Bitola).

You May Also Like

Greek MP and ex-minister, Marietta Giannakou, dies aged 70

Marietta Giannakou, a former education minister and a veteran lawmaker with the country’s ruling New Democracy party, has died at 70.

Greece lets boat packed with hundreds of Afghan refugees dock after four days at sea

After roaming the high seas for four days, a cargo ship packed with hundreds of Afghan refugees has been allowed to dock in Greece.

Greece relaxes restrictions as country passes 25,000 COVID death milestone

Greece will ease its coronavirus restrictions on Saturday as the number of virus-related deaths in the country surpassed 25,000 on Wednesday.