EU: The Greek proposal was included in the text of the Council conclusions

Of Thanks to Floudopoulos

An indirect reference to the Greek proposal includes the text of the conclusions of the extraordinary council of energy ministers that took place yesterday afternoon and was completed last night.

In fact, the Greek proposal, according to information, received the nominal support of Member States such as Belgium, Cyprus and Luxembourg.

In any case, in the text of the conclusions, the ministers call on the European Commission to quickly update the toolbox announced in October 2021 for prices and to take into account the latest developments by proposing new initiatives that could have an immediate, tangible and positive impact. in the energy bills of consumers.

According to the text of the conclusions, the protection of consumers, both households and businesses, especially the most vulnerable, in an environment of volatile energy prices, is a priority for ministers and in this context the Member States discussed the measures that would be necessary to reduce consumer exposure to volatile energy prices.

Short-term measures

According to the Council of Ministers, the Member States and the EU are prepared and ready to take action to ensure the continued security of energy supplies.

Based on flexible infrastructure, efficient markets and proven coordination procedures, the energy system is prepared and resilient, the text of the conclusions states. In addition, the ministers, taking into account the analysis of the Commission, concluded that there is no risk to the security of EU supply. in the near future.

During the Council, various scenarios were examined for the coming weeks and months in order to prepare for possible difficulties and to confirm the EU’s capability. to exceed them.

For natural gas, it was estimated that supplies outside Europe could be maximized, especially for LNG. In this context, contacts with the producer countries will be strengthened and, if necessary, adjustments will be made to European infrastructure. Member States’ contingency plans for securing gas supplies in the event of problems were also examined.

For oil, it was decided that the Member States would be ready to release their strategic reserves should the situation on the supply front make it necessary.

The ministers also called on the Commission to monitor closely the situation, especially in the oil and gas markets, in order to take the necessary additional measures to ensure readiness and strengthen the resilience of the EU.

Medium-term measures

With regard to the medium-term measures, it was decided:

The acceleration of cooperation actions. The ministers agreed to strengthen joint preparation and solidarity mechanisms before next winter and make the best possible use of gas storage facilities and LNG capacity.

Member States have also decided to accelerate regional co-operation and adopt regulations to maximize the efficiency of existing storage facilities available in EU Member States.

In addition, Member States called on the Commission to evaluate options for reducing dependence on a supplier without further delay and to establish a framework that could support the definition of solidarity agreements within the EU.

At the same time, the coordinated approach of neighboring countries and international players, especially energy suppliers, will be strengthened to ensure additional LNG and oil imports that will reduce dependence on Russian imports.

Member States have decided to join forces to strengthen the resilience of the EU. through coordinated actions that will ensure increased investment in renewable, safe, sustainable, low carbon technologies and energy efficiency measures, interconnections and further diversification of suppliers and energy sources.

Finally, the ministers stressed the need to accelerate the transformation of the energy system to reduce its dependence on hydrocarbons.