Low expectations for crisis solutions at two-day summit

Expectations of energy-crisis solutions being found at a two-day summit of EU leaders, beginning today, are subdued as a result of the European Commission’s persistence for no intervention of Europe’s common energy market, contrasting interests between member states of the north and south, as well as disagreement over an embargo on Russian oil.

Greek Prime Minister Kyriakos Mitsotakis is expected to reiterate his call for a detachment of natural gas prices from electricity prices as the only viable European solution that could strike the problem at root level.

However, the Greek leader’s proposal is not expected to be adopted, government officials admitted, warning that the energy crisis could completely spin out of control if the EU-27 do not reach an agreement by next winter.

Athens acknowledges that even if its plan for a wholesale market cap is effective, it will only result in a partial solution if Russia’s war on Ukraine continues and energy prices remain elevated.

The Greek leader, at the EU summit, will reiterate his call for emergency measures including a cap on TTF prices, which, for months now, have been distorted, not reflecting market reality.