Skrekas: “Europe took a historic decision to deal with the energy crisis…Greece proved once again to be a pioneer in the common policies of the member states”
A serial of nine months came to an end, with the energy ministers of the states of the European Union to implement the mandate of the Summit and reach an agreement on Energy, setting a ceiling of 180 euros per megawatt hour for the purchase of natural gas. The EU’s decision drew the ire of Moscow, which called it a violation of market rules, an “unacceptable” decision and threatened sanctions after all parameters and consequences have been considered.
THE Price Correction Mechanism, as it is called by the Europeans, will be activated when the price of natural gas exceeds 180 euros for three consecutive days. The duration of the Mechanism is set at one year and will be implemented from February 15.
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.
The decision is by a strong majority and not unanimity
Germany and Denmark, the two hitherto cautious countries, voted in favor. The same information states that the Netherlands and Austria voted to abstain, while Hungary voted against.
The Minister of Environment and Energy, Kostas Skrekas, participated in the Council of Energy Ministers of the European Union. 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.”
The angry reaction of the Kremlin
The Kremlin has described as “unacceptable” the ceiling on the wholesale price of natural gas, approved earlier today by the energy ministers of the EU member states.
“This is a violation of the market process for setting prices,” Kremlin spokesman Dmitry Peskov said, according to Russian news agencies. “Any reference to “ceilings” (of prices) is unacceptable,” he added.
The European Union’s energy ministers agreed a little earlier on imposing a ceiling on the wholesale price of natural gas. According to Reuters, the cap is set at 180 euros and will come into effect after February 15.
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