The European Union leaders have called upon the EU Energy Ministers to conclude the work for an agreement on the correction mechanism of natural gas prices during their upcoming meeting on Monday.
In the conclusions of the European Council meeting that is taking place in Brussels, it is noted that the European Council welcomes the progress made and calls on the Council to finalise on 19 December 2022 its work on the proposals for a Council Regulation enhancing solidarity through better coordination of gas purchases, notably through the EU Energy Platform, exchanges of gas across borders and reliable price benchmarks, a Council Regulation laying down a framework to accelerate the deployment of renewable energy and a Council Regulation establishing a market correction mechanism to protect citizens and the economy against excessively high prices.
In a tweet, President of the Republic of Cyprus Nicos Anastasiades notes that “on Energy, breakthrough on market correction mechanism for gas prices, to be settled by Energy Ministers”.
“Strikes balance between protecting citizens from high prices and safeguarding security of supply & financial stability”.
He further notes that “For Cyprus, agreement on the above also opens the way for the adoption of the Permitting Regulation, which will speed up the authorising of renewable energy sources, so that we can soon benefit from more affordable energy”.
Source: Cyprus News Agency