[PIO] Participation of the Minister of Energy, Trade and Industry at the EU Energy Council in Brussels

Minister of Energy, Trade and Industry Mr.Giorgos Papanastasiou participated in the work of the Energy Council of the European Union, which took place today in Brussels.

During the Council's work, the Member States reached political agreement on the Council Recommendation on the continuation of coordinated measures to reduce the demand for natural gas. In his intervention, Mr. Papanastasiou, agreeing with the Presidency's compromise proposal, noted that the Recommendation recognises the specific national circumstances of member states, including those not directly connected to an interconnected gas system of another member state, such as Cyprus.

Further, the 27 discussed progress on security of supply and preparations for the winter of 2024-2025. The Minister pointed out that risks in the energy market continue to exist as a consequence of geopolitical developments. He stressed that in order to face future crises it is important to adopt concrete measures such as, for example, the diversification of energy sources, the integration of interconnections and the further development of Renewable Energy Sources.

During the working lunch, the Ministers discussed the future of photovoltaic technology in the EU. Mr. Papanastasiou proposed the creation of a specialised bank with the sole purpose of financing the industry for the production of solar energy technology products ("Solar Bank"), based on the same principles as the newly created Hydrogen Bank. In addition, it expressed Cyprus' readiness to sign an EU declaration to support the solar energy sector. The Minister also underlined the need to increase the flexibility of the EU electricity system, including through the redesign of grid charges, the implementation of smart technologies and the development of appropriate regulatory frameworks.

In the context of the Council, Ukraine's Energy Minister German Galushchenko briefed via teleconference on the energy situation in his country, as well as on the state of its energy system and infrastructure.

Ministers also had the opportunity to be informed about the progress made by member states towards achieving the environment, climate and energy targets for 2030.

(BAT/NZ/EP)
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