Athens (Brussels Morning Newspaper) – Greek Prime Minister Kyriakos Mitsotakis has penned to Ursula Von der Leyen to request that the European Commission consider new methods to reduce electricity and gas prices.
Prime Minister Kyriakos Mitsotakis, in the letter, said,
Prices are telling us we require to move faster but also differently – to think about new ways to tackle the issues that confront us,
according to Bloomberg News.
Mitsotakis insisted the EU to better incorporate national grids and expressed it needs a new impulse in gas security.
Changes in the geopolitical landscape make this mission even more urgent,
he stated, stressing that even though Europe is readying for a future where gas will play a smaller part,
we will rely on gas for at least two decades.
The Greek Prime Minister called on the European Union to empower European firms to invest in gas schemes and infrastructure and to sign agreements that guarantee access to global supplies.
For electricity, Kyriakos Mitsotakis called for a task force to be formed to boost flows across borders where there are substantial price differences.
What trends are driving electricity prices in major European markets?
The price of electricity in Europe has persisted at elevated rates and is expected to stabilize somewhat but remain fairly high on the back of persistent demand and supply issues. Monthly electricity prices in the major European markets exceeded €100/MWh in November 2024, at some of the highest levels since May 2023. Natural gas prices have surged sharply, especially after the Russian gas flows through Ukraine were halted on January 1, 2025. This pushed the Dutch TTF gas futures above €51 per megawatt-hour, the highest since October 2023.
