The Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagides, represented Cyprus at the EU Energy Council, which took place today in Brussels.
After lengthy consultations, the Council Regulation establishing a market correction mechanism to protect citizens and the economy from excessively high energy prices was adopted. Together with this Regulation, the two proposals for Regulations on (1) strengthening solidarity through better coordination of gas markets, cross-border gas exchanges and reliable price benchmarks, and (2) establishing a framework for accelerating the development of renewable energy sources, on which preliminary agreement had been reached at the extraordinary Energy Council on 24 November, were adopted without discussion. It is recalled that these three proposals for Regulations constitute the package of proposals submitted by the European Commission following the mandate of the EU leaders to address the unprecedented energy crisis and high energy prices.
In his intervention, the Director General of the Ministry of Energy said that Cyprus agrees with the proposed Regulation for the establishment of a gas price correction mechanism. Panagides highlighted the fact that the Regulation is an effective tool to tackle high energy prices, protect citizens and the economy, while ensuring that security of supply and the energy market in general will not be negatively affected. On this occasion, Panagides warmly thanked the Czech Presidency of the EU Council for its hard work and close cooperation with all Member States, especially during the intensive consultations we have had in recent months to address the unprecedented energy crisis.
The Council also reached a general approach on the proposal for a Regulation on the reduction of methane emissions in the energy sector, as well as on the proposal for a Directive to strengthen the energy transition 'REPowerEU'. In his intervention, Panagides said that Cyprus agrees with both proposals. Particularly in relation to the proposal for a Directive to strengthen the energy transition, the Director General of the Ministry of Energy welcomed the clarifications included in the final text regarding the specific provisions for deep offshore drilling.
Finally, the Council discussed other energy issues, such as international energy relations, the forthcoming proposal to revise the electricity market design, the progress of negotiations with the European Parliament on the Energy Efficiency and Renewable Energy Directives of the "Fit for 55" Package, as well as the progress of work on the Gas and Hydrogen Market Directive and Regulation package.
(MF/MB)
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