Nicosia: The Minister of Energy, Commerce and Industry, Michael Damianos, emphasized the importance of bolstering the European Union's security of supply amidst rising energy costs. This statement was made on Tuesday afternoon prior to an informal video conference involving EU Energy Ministers, hosted at the Conference Centre in Nicosia as part of the Cyprus Presidency of the EU Council.
According to Cyprus News Agency, the video conference was convened by the Cyprus Presidency in response to recent spikes in energy prices exacerbated by ongoing issues in the Middle East. Damianos highlighted that while the security of supply remains intact, the financial burden on European households is evident due to a 70 percent increase in gas prices and a 50 percent rise in oil prices. The EU's status as a net importer of fossil fuels necessitates immediate action to address this situation.
Damianos stressed that the Cyprus Presidency is closely monitoring developments and sees the need for a unified response. He reiterated the necessity of strengthening the EU's security of supply, maintaining competitiveness, and safeguarding the economic future of the region.