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

‘I will never forget you’: Emotional farewell for Greek Consul General in Sydney

An emotional Greek Consul General Yannis Mallikourtis delivered his farewell speech on Monday evening at Business Sydney’s Event Centre.

Adelaide’s St Sophrony Parish raises funds for hall construction

The newly established St Sophrony of Essex parish in Hectorville, Adelaide, held its first official fundraising dinner on Sunday, June 29.

From homelessness to homeowner: Kostas Papadimitropoulos shares his inspirational story

Melbourne man Kostas Papadimitropoulos has turned his life around after being scammed out of his life savings and forced to live in his car.

Sydney Dance Company shines at Athens Epidaurus Festival with ‘Impermanence’

The Sydney Dance Company captivated a crowd of 5,000 at the Odeon of Herodes Atticus last week, performing 'Impermanence.'

Former ATO worker Paraskevi Vula Danassis convicted in $2 billion GST scam

Former Australian Taxation Office employee Paraskevi Vula Danassis has been convicted over her role in a $2 billion GST fraud scheme.

You May Also Like

Maria Sakkari makes history as she moves into the US Open semi finals

Maria Sakkari has become the first Greek player into the semi finals of the US Open after she defeated Karolina Pliskova 6-4, 6-4 this morning.

Greek Australian students excel in the NSW Minister’s Awards for community languages

At least seven Greek Australian students have excelled in the NSW Minister's Awards for Excellence in Community Languages this year.

‘Keeping our culture alive’: Unley High School in SA hosts annual Greek Dance

The Unley High School Greek Dance saw over 160 people enjoy Hellenic culture, through food, song and dance.