Mitsotakis welcomes EU energy proposals tackling energy crisis

·

The European Commission has proposed another set of emergency measures to tackle high energy prices and low fuel supply affecting Europe since Russia cut gas flows.

The measures did not include an immediate gas price cap, instead proposed the setting of a temporary “maximum dynamic price” on trades at the Title Transfer Facility (TTF) Dutch gas hub, which serves as a benchmark price for European gas trading, Reuters reported.

If agreed, the proposals would also see the creation of a joint gas-buying scheme requiring EU countries to jointly purchase 15% of the volume needed to fill gas storage by November 2023.

“We know that we are strong when we act together… The member states and the energy companies should leverage their joint purchasing power,” European Commission President Ursula von der Leyen said.

The measures would also redirect nearly 40 billion euros of unspent EU budget funds to help vulnerable citizens and businesses affected by high energy prices.

The proposals, which are to be discussed by leaders at a summit on Thursday and Friday, have been welcomed by the Prime Minister of Greece, Kyriakos Mitsotakis.

In a tweet posted this morning, he wrote: “I welcome the comprehensive package proposed by the President of the European Commission, Ursula von der Leyen and especially the inclusion of two proposals Greece has long called for: a price correction mechanism at TTF and circuit breakers in energy derivative markets.”

In a subsequent tweet, he added: “The upcoming European Council is an opportunity to reestablish control over our energy markets by placing a limit on prices and reducing extreme volatility.”

“This can be a decisive step in our effort to lower energy prices for European citizens and businesses.”

READ MORE: EU greenlights €800 million Greek scheme to support non-household electricity consumers

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Iran denies sending message to Israel via Cyprus amid rising tensions

Iran has denied claims it used Cyprus to relay messages to Israel, following remarks by Cypriot President Nikos Christodoulides.

Greek PM Mitsotakis urges de-escalation and ceasefire in call with Israeli PM

Greek Prime Minister Kyriakos Mitsotakis held a phone call with Israeli Prime Minister Benjamin Netanyahu on Saturday.

Missile strikes escalate as Trump urges Iran and Israel to ‘make a deal’

Israel and Iran exchanged missile strikes for a third consecutive day, intensifying a deadly conflict that has left hundreds dead.

Greek Orthodox Community of Melbourne and Victoria announces date for 2025 Board Elections

The Greek Orthodox Community of Melbourne and Victoria has announced its 2025 Board elections will be held on Sunday, June 29.

How younger Greek Australians are redefining mental health conversations

Conversations once hidden in the shadows are now in the spotlight, bringing mental health to the forefront.

You May Also Like

Alex Hawke poised for shadow cabinet return as Ley finalises Coalition reshuffle

Liberal MP Alex Hawke is expected to return to a frontbench role as Opposition Leader Sussan Ley prepares to unveil her shadow cabinet.

Commemorations held in WA, NT and Tasmania for 81st anniversary of the Battle of Crete

Commemorations for the 81st anniversary of the Battle of Crete have taken place in Western Australia, the Northern Territory and Tasmania.

Russia accused of using secret weapon to attack CIA agents such as Marc Polymeropoulos

Russia is accused of using a secret “microwave weapon” to attack two CIA agents in Australia, allegedly causing caused brain injuries.