The conclusions of the Synod include a call to conclude on Monday the agreement on joint supplies of gas, RES and a price correction mechanism.
Optimism for a solution on the ceiling on natural gas next Monday prevails in Brussels after yesterday’s (Thursday) Summit. Prime Minister Kyriakos Mitsotakis also expressed this optimism.
The European Council called on the Council of Energy Ministers to finalize work on proposals to strengthen solidarity through better coordination of gas markets, in particular through the EU Energy Platform, cross-border gas exchanges and reliable benchmarks prices, as well as establishing a market correction mechanism to protect citizens and the economy from excessively high prices.
The European Council underlines the importance of strengthening coordination.
In particular, work must continue in the following areas:
a) rapid operation of the common market mechanism through the EU Energy Platform, as well as speeding up the discussion with reliable partners to secure natural gas supply ahead of the winter 2023/2024 with a view to concluding long-term contracts
b) efficient filling of gas storage
c) close monitoring of gas demand reduction targets.
d) timely preparation of emergency plans for winter 2023/2024.
At the same time, the text of the conclusions emphasizes that the European Council looks forward to submitting to the Commission in early 2023 the proposal and the impact assessment on the structural reform of the European Union’s electricity market, including the effect of natural gas prices on electricity prices .
As pointed out in the communique, in light of the impact of high energy prices in Europe, the European Council underlines the importance of safeguarding Europe’s economic, industrial and technological base and maintaining a level playing field at global level.
It specifically underlines the importance of an ambitious European industrial policy to make Europe’s economy fit for the green and digital transition and to reduce strategic dependencies, especially in the most sensitive sectors, while ensuring a level playing field.
The Prime Minister expressed the belief that next Monday, the EU Energy Ministers will reach a decision on the imposition of a ceiling on the wholesale price of natural gas, answering questions from journalists after the work of the European Council.
Mr. Mitsotakis estimated that this will be a decision in harmony with Greek aspirations, and insisted that there is universal understanding that time cannot be closed and refer the matter to the future.
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