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

Historic ties remembered as Greece’s Evzones march in Adelaide’s ANZAC Day parade

During a Dawn Service at West Torrens on Friday, April 25, the Evzones stood guard alongside Australian army battalion in remembrance.

Greek glamour meets Aussie pop: Inside the colourful universe of Stavroula Adameitis

Adelaide-born designer Stavroula Adameitis is a creator of bespoke pieces that she describes as ‘wearable art.’

Melbourne seminar to focus on the odyssey of Michel ‘Pablo’ Raptis

Michel Pablo was a twentieth century revolutionary whose life and ideas remain relevant and inspirational until today.

Lawyer Greg Masselos warns NSW workers’ comp changes could devastate frontline workers

Greg Masselos has warned that proposed changes by the NSW government to raise the threshold for claims could have devastating consequences.

Niki Louca shares how to make Focaccia Bread

Niki Louca from My Greek Kitchen shares her favourite recipe for pita bread with The Greek Herald. You can follow her on Instagram.

You May Also Like

New Thessaloniki museum to showcase treasures from metro excavations

A new museum in Thessaloniki in Greece will host part of the 300,000 artefacts discovered during the excavation of the city's metro.

Mike Papatolis opens wine bar in Adelaide’s Glenelg

Mike Papatolis has opened a new “established and classy” wine bar on Glenelg, aiming to restore the Adelaide suburb’s vibrant air.

Main charge dropped against anti-China protester Drew Pavlou

The main charge against anti-China provocateur Drew Pavlou has been dropped by the police after a Chinese-language sign incident.