The Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagides, represented Cyprus at the extraordinary meeting of the Directors General of Energy of the European Union, convened yesterday, 10 May 2022, by the French Presidency of the Council of the EU.
The main topic of discussion was the final assessment of the report of the Agency for the Cooperation of Energy Regulators of the European Union (ACER), regarding the wholesale electricity market, which takes place in the context of the energy crisis and energy price increases. In this context, the European Commission and Member States also had the opportunity to report on the measures taken to address high energy prices, to protect vulnerable consumers and businesses, at European and national level respectively.
During the work of the Energy Directors General meeting, Member States exchanged views on ACER's final assessment of the wholesale electricity market and in particular on the policy measures proposed by ACER, which include With regard to ACER's assessment, he said that the different circumstances and energy mix of Member States should be taken into account. Among others, he made specific reference to the need to diversify energy sources, mainly through endogenous energy sources, to complete interconnections with emphasis on those related to the transfer of green energy, to promote cooperation with strategic partners such as Israel and Egypt in the energy sector and to the need to promote mechanisms to protect vulnerable consumers and businesses.
Regarding the measures taken by Cyprus to address the energy crisis, Panagides pointed out that Cyprus has taken measures to address the energy crisis. In this regard, he called for additional measures at EU level as well as for financial support within the framework of specific criteria.
In conclusion, Mr. Panagides said that our country expects the publication on May 18, by the European Commission, of the "RePowerEU" Plan, which will aim at decoupling from Russian fossil fuels and will provide, among other things, tools to address the crisis in energy prices and accelerate the penetration of renewable energy sources in the energy mix of the MS.
(NG/EXP)
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