The EU is preparing drastic energy policy changes in response to the economic impact prompted by Russia’s war on Ukraine. Europe’s determination for change is highlighted by a series of initiatives that have already surfaced, including the Repower EU package, announced this week, aiming to severely limit Europe’s reliance on Russian gas and limit gas consumption in general; proposals for price ceilings; and other measures, all of which will be discussed at an informal summit in Paris today.
Until now, measures called for by Europe’s south as means of tackling exorbitant energy prices pushed higher by the energy crisis of previous months, have been largely overlooked by the continent’s north.
However, more attention to these calls is now being paid by the north as the crisis drags on, exacerbated by Russia’s invasion of Ukraine, which has pushed energy prices through the roof and begun to also trouble consumers in the north.
A proposal forwarded by Greek Prime Minister Kyriakos Mitsotakis, who has called for price ceilings at the Dutch TTF exchange, as a response to record-high gas prices, is one of the subjects expected to be discussed at today’s meeting in France.
The Greek leader yesterday reminded of the wholesale gas price level just over a year ago, in February, 2021, at 30 euros per MWh, which, in Greek market terms, translates to wholesale electricity prices of 90 euros per MWh, about a quarter of the current level, at 349.80 euros per MWh.