EU Council of Energy Ministers of : The two Greek proposals were adopted

In the final compromise text at the Council of Energy Ministers, the two proposals claimed by the Greek side were finally included.

It expressly provides for the possibility of activating the protection mechanism against any high prices as applied in Greece and reflected in a relevant EU regulation. The mechanism, if needed in the event of a new crisis, provides for the collection of surpluses from the wholesale market to finance consumer price subsidies.

Also, in the framework of the power availability mechanisms, an explicit provision was included that allows the availability fee for natural gas units if they meet the technical specifications that will be required, a provision with which the mechanism for flexibility can be applied, as the Energy Commissioner also explicitly stated.

The disagreement that remained in the Council concerns the manner of implementation of the contracts of financial disputes between the state and nuclear plants that are renovated and extend their life time. Agreement was reached on all other issues.

Speaking to the council, the Greek Minister of Environment and Energy, Pantelis Kapros, stressed that the reform of the electricity market must ensure protection from energy price shocks and in addition effectively promote large investments in RES and storage within a reliable electricity system.

According to the Greek service minister, the new regulation promotes financial disputes contracts, between the state and investors in new RES investments. “These contracts are a great tool for consumers to have direct access to the low cost of renewable energy while providing income certainty for investors and facilitating cheap financing,” said Mr. Kapros.