EU Summit: Mitsotakis proposal for a single fund of 100 billion euros in the face of energy increases

Greece participates in the extraordinary meeting of the European Council to face the increases in the prices of electricity and gas triggered by the aggressive moves of Russia with a specific substantiated proposal so that the EU .

According to information available to OT, Prime Minister Kyriakos Mitsotakis is expected to propose to EU leaders the establishment of a common fund totaling 100 billion for financial support for European consumers. These resources can be raised from the use of 1.2 additional rights of the Market Stability Reserve of the Emissions Trading System. These rights can bring in up to € 100 billion to tackle the energy crisis, which is having a serious impact on inflation and affecting households.

Sources on the Greek side estimate that the energy crisis has already cost about 350 billion euros to European citizens, while estimates for the course of prices are ominous given the fluid situation caused by Russia’s aggression in Ukraine. Already yesterday, TTF gas prices jumped by 10%, approaching even 90 euros / MWh.

Our country’s initiative for a unified response to the explosion of EU energy costs Kyriakos Mitsotakis announced yesterday during his visit to Bucharest, where he met and discussed the latest developments with the Prime Minister of Romania Virgil Popescu.

The aforementioned Greek proposal was presented earlier this year by Environment and Energy Minister Costas Skrekas to the informal EU Energy Council. which took place in the city of Amiens, France.

Eurelectric

The further aggravation of the situation in the energy sector has occupied almost all the leading energy companies of the EU.

Such concerns, as reported through information available to OT, prevail among the big players of Eurelectric of the Federation of 32 EU electricity companies. Among them is Greece’s PPC.

Businesses now want sources to seek from the EU. dealing with the effects of energy as they estimate that it is very likely that the European energy market will be hit even harder as it is dependent on Russian gas.