The Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagides, represented Cyprus at the extraordinary EU Energy Council held today in Brussels, which focused on the adoption of measures to address the energy crisis and high energy prices.
The Summit specifically addressed three proposals for Regulations concerning (1) strengthening solidarity through better coordination of gas markets, cross-border gas exchanges and reliable price benchmarks, (2) establishing a framework to accelerate the development of Renewable Energy Sources, and (3) establishing a market correction mechanism to protect citizens and the economy from excessively high prices.
The Council decided that these three proposals should be adopted in parallel at a new extraordinary Energy Council scheduled for 13 December. Therefore, although agreement was reached on the texts of the first two proposals, their final adoption will take place after agreement has been reached on the proposal for a Regulation establishing a mechanism to correct gas market prices.
Speaking during the Council's proceedings, Panagides said that Cyprus agrees with the proposal for a Regulation to strengthen solidarity in common gas supplies. In this context, he welcomed the clarifications included in the final text and in particular the provision for compensation for the cost of solidarity gas supply.
Then, the Director General of the Ministry of Energy, expressing Cyprus' agreement with the provisions and the revised text of the proposed Regulation on the acceleration of the authorisation procedures for renewable energy sources, welcomed in particular the flexibility given to EU Member States for special treatment of areas of traditional or historic interest, and the possibility of the use of renewable energy sources in the EU.
The Director General of the Ministry of Energy, expressing Cyprus' agreement with the provisions and the revised text of the proposed Regulation on the acceleration of the authorisation procedures for renewable energy sources, welcomed in particular the flexibility given to EU Member States for special treatment of areas of traditional or historic interest. At the same time, expressing understanding for the concerns of other Member States regarding the cap and how it will be implemented, he assured that Cyprus will maintain a constructive attitude in the upcoming discussions. In this context, 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.
(MF/MB)
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