In his letter, the prime minister notes that the outbreaks brought sharp and large price increases, calling on Brussels to provide an immediate “political response” to the “prolonged crisis”.
European interventions to address distortions and monetization in the European energy market, which led to large wholesale price discrepancies electricity between the countries of south-eastern Europe and the rest of the members of the Union in the summer, the prime minister asks the European Commission Kyriakos Mitsotakisaccording to the “Financial Times”.
In his letter to the President of the Commission, Ursula von der Leyenthe prime minister notes that the pathologies of the European market have resulted in sharp and large revaluations, calling on Brussels to immediately provide a “political response” to the “prolonged crisis”.
In this context, according to the publication, Kyriakos Mitsotakis asks the EU to take action to increase the possibilities of cross-border energy transfer, i.e. the strengthening of interconnections between the member states, while emphasizing the importance of better supervision of the European market, which he characterizes as a “black box” that is “incomprehensible even to experts”.
It is noted that, in addition to the seasonal factors that affected pricing in the wholesale market, such as the heat and drought, Kyriakos Mitsotakis emphasizes that prices are now affected by the extensive damage that Russian strikes have caused to Ukraine’s energy infrastructure.
As a consequence, Kyiv imports large amounts of electricity from the EU, whereas in the past it exported energy. “This is one more cost that Russia’s destructive war imposes on our economies,” says Kyriakos Mitsotakis.
Apart from Greece, sudden wholesale energy price hikes over the summer months were experienced by Bulgaria, Romania, Hungary and Croatia among others, with the FT reporting that prices in south-east Europe more than doubled over the summer months.
The move by Kyriakos Mitsotakis comes a few days after the first president of the European Central Bank and former prime minister of Italy, Mario Draghiproposed radical changes to the energy market and pricing system in his long-awaited EU competitiveness report to Ursula von der Leyen.
Source: Skai
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