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Next Previous North-South Battle in the EU – Crushed for prices HOME • INSIDER • CYPRUS • North-South Battle in the EU – Crushed for prices
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After long negotiations, which in several places were stormy, the EU Energy Summit ended at around 8.30 pm. yesterday, with the conclusions – which were issued with great difficulty, due to the disagreements – only to partially satisfy the countries of the South.
In essence, the introduction of a maximum price for gas has not been approved here and now, nor has the change in the electricity market model been urgently requested, as Italy, Spain, Greece and Portugal, with the support of other countries, in an effort to enter barrier to uncontrolled increase in electricity costs and notoriety. The request of the countries of the South was opposed to the end by the countries of the North, mainly Germany and the Netherlands.
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The information before the two-day EU Summit, which wanted the countries of the Union divided into different camps regarding the management of the energy crisis and the control of … uncontrolled gas and electricity prices, was confirmed during yesterday's marathon session, which was completed around 8.30 pm, without a final agreement on the controversial issue of establishing a maximum price for gas and the change in electricity pricing. In fact, the request of the countries of the South and some others for the establishment of a maximum price here and now was not approved, but an open window was left for discussion in the near future. The Prime Minister of Greece, K. Mitsotakis, speaking immediately after the summit, said that “we have managed to have an explicit reference to the gas price ceilings in the wholesale market. The EU is committed to proposals for the electricity market by May”. a statement which, however, does not refer to the introduction of a ceiling but to the further discussion of some way of its adoption, ie it refers to the conclusions as an option.
Foreign news networks and other media outlets have spoken of thrillers as well as heated debate, which has forced the President of the European Council to in some cases differentiate between presenting to leaders, in an attempt to reach a consensus, which in fact appeared to be a reluctant compromise that would not satisfy either side. According to diplomats who spoke to reporters present, the discussions were very intense and had to be interrupted at several points in order to calm down the negotiations.
According to a spokesman for the President of the European Council, the meeting was adjourned in the early afternoon to give governments time to consider a revised text of conclusions on energy issues. However, the resumption of the debate and its extension showed that finding a compromise was a difficult task, due to the refusal of Germany, especially the Netherlands and other countries, to accept the ceiling.
The countries of the European South, starring Italy, Spain, Portugal and Greece, agreeing to some extent with the leaders of Belgium, Cyprus (as inferred from yesterday's statement by Nikos Anastasiadis) and other countries insisted on setting price ceilings. electricity or gas or even changing the structure of the electricity market model so that high gas prices do not soar into electricity prices (even if it is produced at a much lower cost than natural gas). gas, such as RES), allowing for profits from energy producers and suppliers. Kyriakos Mitsotakis was strong in the need to change the model of the electricity market in his statements after the Summit.
According to foreign media, Germany and the Netherlands insisted until the end that what is needed is to accelerate the development of renewables However, this does not guarantee a reduction in prices, which is the main demand of the European population.
Nearly half of Venus will be sent annually to the EU by the USA >
Nearly half of the Aphrodite field reserves the EU wants to import annually from the US in the coming years, in the form of liquefied natural gas (LNG), in order to become as independent as possible from Russian energy. Yesterday, the Union's agreement with US President Joe Biden envisages the initial supply of approximately 15 billion cubic meters (bcm) of US liquefied natural gas to EU countries by the end of 2022 and the subsequent gradual increase in volume, with the aim of reaching 50 bcm per year.
Commission President Ursula von der Leyen, referring to the US commitment to provide the EU with an additional 15 billion cubic meters of LNG this year, added: “Europe will work to ensure stable demand for additional US LNG by at least 2030. We aim to about 50 billion cubic meters per year “.
The statement said that the US will try to secure the additional quantities, a wording that points to the difficulties of the project, as the available US LNG stocks are not many, and in addition not all EU countries have the necessary infrastructure available for revitalization. liquefied natural gas or for transport to Northeastern European countries.
The EU and the US reaffirmed their commitment yesterday to meet the goals of the Paris Agreement, to achieve the goal of net zero emissions by 2050 and to maintain the 1.5 degree Celsius temperature rise possible, including through a rapid transition. clean energy, renewable energy and energy efficiency.
Schedule for decoupling from Russian gas
Germany could to halve Russian oil imports and cut off gas supplies to Russia “to a large extent” by mid-2024, Economy and Climate Policy Minister Robert Hubeck said yesterday.
According to him, by the end of this year, the German government's goal is to “be almost independent” of Russian oil, while coal dependence will be reduced in the coming weeks from 50% to 25%. “By the autumn, independence from Russian coal will be possible,” he added, noting that “companies are letting contracts with Russian suppliers expire, not renewing them and changing suppliers at an incredible rate.” The Minister of Economy also expressed the belief that Germany will have “largely” become independent from Russian gas by mid-2024 and reiterated the possibility of transporting liquefied natural gas by ships, for which the ministry is preparing three floating terminals. RWE and Uniper are in talks for three special vessels, he explained. “We are examining possible locations in the North and Baltic Seas, for use even in view of next winter”, it is mentioned in a relevant announcement of the Ministry of Economy.