Greek PM calls on EU to review energy strategies to improve competitiveness By Investing.com
Investing.com — Greek Prime Minister Kyriakos Mitsotakis called on the European Union to come up with new strategies to reduce gas and electricity prices. This is part of a wider initiative aimed at increasing the bloc’s competitiveness.
In a letter to the President of the European Commission, Ursula Von der Leyen, Mitsotakis emphasized the need for innovative approaches to solve the problems facing the EU. He pointed out that the high prices of energy products indicate the necessity of faster and different action.
The Prime Minister’s call comes at a time when Europe’s disadvantageous position in relation to the US and other low-cost markets is becoming increasingly apparent. That disparity was particularly noticeable during the 2022 energy crisis and is back in the spotlight as Europe prepares for potential trade wars with the incoming Trump administration.
Greece, meanwhile, is making efforts to raise its position as a key entry point for energy imports into the region. These efforts include investments in liquefied liquid terminals, pipelines and transmission lines.
In his letter, Mitsotakis emphasized the importance of better integration of national networks within the EU. He also called for a renewed focus on gas security, citing changes in the geopolitical landscape that make this task more urgent. Despite Europe’s plans for a future with less reliance on gas, the prime minister said the continent would remain dependent on gas for at least the next two decades.
He further called on the EU to enable European companies to invest in gas projects and infrastructure and to sign contracts that ensure access to global supplies.
Regarding electricity, Mitsotakis proposed the formation of a working group to increase cross-border flows in areas with significant price differences. He also called on the EU to renew its long-term planning process for networks and limit the costs associated with over-regulation of emissions.
The European Commission, after five years of focusing on green initiatives during Von der Leyen’s first term, is now outlining the actions needed to boost competitiveness. This is done while maintaining his ambitious climate policy.
Mitsotakis, a strong advocate of Von der Leyen’s re-election, was one of two leaders who supported her candidacy on behalf of the European People’s Party.
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