Greek Prime Minister Kyriakos Mitsotakis has sent a letter to European Commission President Ursula von de Leyen calling for the urgent adoption of new strategic measures to address the rising costs of natural gas and electric energy.

In his letter, the Greek Premier, among other things, suggests the EU authorities should aim to implement speedier and more flexible initiatives to respond to the current energy challenges.

Mitsotakis highlights the fact that energy prices in Europe continue to remain high with the costs doubling in many EU member-states since 2019.

“Natural gas prices have also risen sharply and remain well above the long-term average. These figures serve as a daily reminder that our energy situation remains precarious, despite the progress we have made in developing renewable energy sources and diversifying our natural gas supply. The prices highlight the need to move faster and differently—to think of new ways to address the challenges we face,” Mitsotakis notes.

The Greek PM stresses that the EU’s electrical energy market needs a new boot, highlighting the great discrepancies in the costs between EU member states. “This is unacceptable on a political level and costly,” he adds.

In the latter, Mitsotakis warns the EU states rely excessively on the interests of individual countries and the priorities of network operators. “Instead, we need to think in European terms. We must identify the resources or technologies each of us can contribute and then design a network based on those assets. Additionally, we need a mechanism to compensate countries that make investments that disproportionately benefit the European network.”

He continues highlighting the problems in the area of natural gas. “The second area where we need renewed momentum is in ensuring the security of natural gas supply. The global market remains “tight.” We can better regulate the stock markets, as the observed volatility far exceeds what fundamental factors justify. Our citizens need to know that someone is closely monitoring these markets.”

The Greek PM underlines the need to empower European corporations to invest in natural gas infrastructure by entering into contracts that ensure European access to global supplies. “Of course, with safeguards in place to ensure climate neutrality. We cannot succeed in the global natural gas market with one hand tied behind our back,” he adds.