Short-term EU action curbing crisis effects sought by Greece

European Commission proposals for electricity market reforms as well as gas supply security measures ahead of next winter will be the focus of attention at a European Council summit of EU leaders later this week, planned for March 23 and 24, as well as at an upcoming EU Energy Council, scheduled for March 28.

According to energypress sources, Greek officials are approaching these sessions with a mostly favorable view of the European Commission’s proposed framework of measures, while pointing out, however, that they do not offer solutions but rather set defense strategies in the event of further crises.

Given this stance, Greek officials, at both upcoming meetings, intend to support the need for short-term measures aimed at curbing the effects of the energy crisis and contend that the European proposals are too timid.

As for the segment of upcoming talks to focus on European electricity market reforms, Greek officials will promote the establishment of a European fund, which they believe is necessary to provide state guarantees for CfDs and other European Commission proposals such as hedging.

The absence of such support would limit the benefits of measures proposed by Brussels to EU member states possessing sufficient fiscal leeway and marginalize all other member states, Greek officials believe.

The possibility of extending, into next winter, a voluntary objective for reducing gas demand will be among the topics to be discussed at next week’s EU Energy Council. The European Commission has proposed extending this voluntary goal to March, 2024. It was originally set to run from August 1, 2022 to March 31, 2023.