Greek Energy Min.: Decisions to reduce gas prices and supply

The next steps of EU member states to deal with high energy prices was at the focus of the meeting of the informal Council of European Energy Ministers held in Prague.

After the meeting, the Minister of Environment and Energy of Greece, Kostas Skrekas, argued, once again, that the imposition of a wholesale price ceiling is the best option to deal with the huge price fluctuations in the natural gas market. The Minister of Environment and Energy said that Europe must take immediate decisions on both sufficiency and price reduction.

What Greece asked for?

At the same time, he emphasized that, although increased quantities of natural gas are arriving in the EU, prices are skyrocketing and signifying that the markets are not working properly and availability is not a matter of price but of infrastructure adequacy.

The Greek side called for a variable cap on the TTF index that would ensure natural gas is only marginally more expensive than in Asia and other regions, and not double the price paid on other continents.

The Minister of Environment and Energy pointed out that the proposal of the 15 member states ensures that there will be no shortages in most member states, noting that price is just as important as availability with some consumers and households unable to afford gas at high prices, making it for them similar to a gas interruption.