Today’s decision is a victory for Europe – Greece and the Prime Minister led the way for a strong European response to the energy crisis, says the Energy Minister
The Minister of Environment and Energy, Kostas Skrekass, participated in the Council of Energy Ministers of the European Union, held today in Brussels.
After many hours of deliberation, the Council reached an agreement, with the passing of the Price Correction Mechanism in natural gas markets.
The price cap has been set at €180/MWh and will apply from 15 February for the TTF price index and from 31 March 2023 for all other indices, following an assessment by ESMA and ACER.
The Mechanism will be activated when the price of natural gas exceeds 180 euros for three consecutive days. The validity period of the Mechanism is set at one year.
Regarding the suspension of the Market Correction Mechanism, it was decided that, in cases where its application in a hub leads to negative effects on the financial markets or natural gas markets, the Commission may exclude certain derivatives from the application of the Mechanism.
After the end of the Synod, the Minister of Environment and Energy made the following statement: “Today Europe took a historic decision to deal with the energy crisis. A decision in favor of its citizens. It took 9 months from the day Greek Prime Minister Kyriakos Mitsotakis first proposed the imposition of a realistic ceiling on natural gas markets by the EU. Today’s result did not come by chance and without effort. It is the product of a systematic effort that we have been making all this time, but also of the European solidarity that – once again – the member states have shown, in order for United Europe to face the energy crisis. Greece once again proved to be a pioneer in the common policies of the member states, in the face of the great challenges facing the great European family. Today, we have done our duty to the European citizens.”
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