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

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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.

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