Step in the right direction to address high energy prices, Director General of the Ministry of Energy Marios[/B] Panagidis described the Commission's proposal for the gas price correction mechanism during the Energy Council in Brussels, while expressing understanding for the concerns of other member states regarding the cap and its possible impact on security of supply.
In his intervention in the context of the discussion on the correction mechanism, Mr. Panagides said that Cyprus will maintain a constructive attitude and supported the Presidency's proposal to continue the discussion with a view to taking decisions on 13 December.
According to a statement by the Ministry of Energy, the Extraordinary Session discussed three proposals for regulations concerning:
strengthening solidarity through better coordination of gas markets, cross-border gas exchanges and reliable price benchmarks,
establishing a framework to accelerate the development of Renewable Energy Sources and
establishing a market correction mechanism to protect citizens and the economy from excessively high prices.
As reported, the Council decided that the three proposals should be adopted in parallel at a new extraordinary Energy Council scheduled for 13 December. Although there was agreement on the texts of the first two proposals, their final adoption will take place after agreement has also been reached on the proposal for a regulation on the gas market price correction mechanism.
Referring to the gas price correction mechanism, Mr. Panagides noted that the proposal presented by the European Commission during the Council's work is a step in the right direction to tackle excessive energy prices.
He also expressed understanding for the concerns of other Member States regarding the cap and how it will be implemented, and assured that Cyprus will maintain a constructive attitude in the upcoming discussions.
In this context, he added, he stressed the need for the measures to be decided not to discourage investment in the energy sector, not to compromise security of supply and, at the same time, to ensure that prices remain within reasonable limits.
With regard to the regulation on strengthening solidarity and common gas supplies, Panagides welcomed the clarifications included in the final text and in particular the provision for compensation for the cost of solidarity gas supply.
Subsequently, the Director General of the Ministry of Energy expressed Cyprus' agreement with the provisions and the revised text of the proposed Regulation on the acceleration of the authorisation procedures for renewable energy sources.
He particularly welcomed the flexibility given to EU Member States for special treatment of areas of traditional or historical character.
Source: CNA
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