Mitsotakis’ new letter to EU's von der Leyen on electricity and gas prices - We must move quickly
- Written by E.Tsiliopoulos
Prime Minister Kyriakos Mitsotakis, in a letter today to Commission President Ursula von der Leyen, asks the European Union to consider new ways to reduce gas and electricity prices.
As Bloomberg writes, the Greek prime minister, in his letter to the European Commission president, states that “prices tell us that we must move faster but also differently - to think of new ways to address the problems we face.”
As the publication reports, Europe’s disadvantage compared to the US and other markets where costs are lower, and which came to the fore during the 2022 energy crisis, has come back into focus as the continent prepares for trade wars under the incoming Trump administration.
High gas and electricity prices have led industrial giants such as BASF to shift investments elsewhere and helped accelerate the collapse of German Chancellor Olaf Scholz’s government. Benchmark prices in Europe have surged by about 60% in the past year as the region struggles to replace Russian supplies.
Meanwhile, Greece has sought to strengthen its position as a gateway for energy imports into the region by investing in liquefied natural gas terminals, pipelines and power lines.
Kyriakos Mitsotakis has called on the EU to better integrate national grids and stressed that a new push is needed on gas security.
“The changing geopolitical landscape makes this task even more urgent,” and although Europe is preparing for a future where natural gas will play a smaller role, “we will be dependent on natural gas for at least two decades,” he stressed in his letter.
The EU should also encourage European companies to invest in natural gas projects and infrastructure and sign contracts that guarantee access to global supplies, the Greek prime minister said.
On electricity, Mitsotakis called for the creation of a task force to increase cross-border flows where there are significant price disparities and for the EU to redesign its grid planning. The European bloc must also limit the costs stemming from over-regulation of emissions, the Greek prime minister wrote.
After five years of emphasis on green initiatives during Ursula von der Leyen’s first term, the Commission is prioritizing an outline of actions needed to boost competitiveness, while seeking to maintain its ambitious climate policies.
Finally, Bloomberg recalls that Mr. Mitsotakis was one of the strongest supporters of Ursula von der Leyen’s re-election and was one of the two leaders who signed her candidacy letter on behalf of the European People’s Party.
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