Greek premier urges EU to tackle high energy prices faster

Greek Prime Minister Kyriakos Mitsotakis has urged the European Union to adopt new strategies for reducing gas and electricity prices, as part of a broader effort to enhance the bloc's global competitiveness.

“Prices are telling us we need to move faster but also differently — to think about new ways to tackle the problems that confront us,” Mitsotakis said in a letter to European Commission President Ursula Von der Leyen, Caliber.Az reports per foreign media.

The European Union’s competitive disadvantage relative to the United States and other lower-cost markets, a concern highlighted during the 2022 energy crisis, has once again come into focus. As the region prepares for potential trade wars under the incoming Trump administration, high energy prices continue to strain Europe’s economy. Industrial giants such as BASF SE have already shifted investments elsewhere, exacerbating the challenges faced by the region.

Benchmark European gas prices have surged by approximately 60 per cent over the past year, as the continent struggles to replace Russian energy supplies. Greece, meanwhile, has sought to bolster its position as a key energy gateway into the region, investing in liquefied natural gas (LNG) terminals, pipelines, and power lines.

Mitsotakis emphasized the need for the EU to better integrate national energy grids, calling for a renewed focus on gas security. "Shifts in the geopolitical landscape make this task even more urgent," he noted. Despite Europe’s long-term plans to reduce its reliance on gas, Mitsotakis stressed that the region will continue to depend on gas for at least the next two decades.

The EU must also empower European companies to invest in gas infrastructure projects and sign contracts that guarantee access to global supplies, according to Mitsotakis. On the electricity front, he called for the establishment of a task force to address significant price disparities between member states by increasing energy flows across borders. Additionally, Mitsotakis urged the EU to redesign its long-term planning process for energy grids and to limit the costs associated with overregulation of emissions.

While the European Commission has prioritized green initiatives under Von der Leyen’s leadership, the Commission is now shifting focus to competitiveness, while maintaining its commitment to ambitious climate policies. Mitsotakis was one of the most vocal supporters of Von der Leyen’s re-election, having signed her candidacy letter on behalf of the European Popular Party.

By Vafa Guliyeva