ATHENS – Prime Minister Kyriakos Mitsotakis outlined his six-point plan to address the crisis affecting Europe’s energy market as a result of the war in Ukraine, in an article submitted to the online magazine “Politico.eu” published on Wednesday morning.
While emphasising that Europe will not relent on issues concerning Ukraine’s sovereignty and democracy but “continue to tighten the economic grip on Russia’s regime with the imposition of sanctions,” the Greek prime minister also highlighted the need to address the issue of Europe’s vulnerability in terms of natural gas prices and electricity produced by gas.
According to Mitsotakis, natural gas has become a factor in the power struggle between Russia and the EU and the EU gas wholesale market has not been functioning normally.
“I believe this must be addressed swiftly and decisively to prevent further damage to EU citizens’ lives, member countries’ economies and the success of the European Green Deal,” he said, echoing his letter to European Commission President Ursula von der Leyen on this issue.
“Messages regarding the supply of natural gas lead to grossly amplified market reactions that result in outlandish prices, which do not reflect the reality of gas reserves — or supply and demand within the union,” Mitsotakis said, stressing that “this spiral of speculation and politicized price hikes must stop.”
“When markets cease to function normally, it is the obligation of governments and regulators to step in and ensure the market can reset and rebalance. Now is such a time,” he added, referring to his proposal to the Commission to consider a “Six-point Plan” to regulate the gas wholesale market.