Greece Seeks EU Energy Market Reform to Curb Soaring Prices

08:21 10/9/2024 - Πηγή: iEfimerida

The Greek government is working with Romania and Bulgaria to find a permanent solution to the soaring power prices in southeastern Europe.

Energy Minister Theodoros Skylakakis has criticised the current unified EU electricity market, stating that it is not functioning effectively for the region.

While Greece has benefited from low-cost renewable energy sources like solar and wind, it has experienced periodic price spikes during the summer months when demand for air conditioning is high. These price surges are exacerbated by the limited power supply from other interconnected countries.

Skylakakis emphasised that power links between central and southeastern Europe are insufficient to prevent extreme price fluctuations.

He called for a revised model for the EU electricity market, and Prime Minister Kyriakos Mitsotakis is expected to send a letter to the European Commission outlining these concerns this week.

In a joint initiative, the Greek, Bulgarian, and Romanian energy ministers are proposing a permanent intervention mechanism to address extreme price spikes in the region.

This mechanism would be activated whenever southeastern Europe becomes isolated from the rest of the European energy market.

The Greek government has already taken steps to mitigate the impact of rising energy costs, including extending a windfall tax on energy companies and providing power subsidies to consumers. Prime Minister Mitsotakis has pledged to continue these measures until European authorities address the underlying issues.

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