Two proposed regulations on energy solidarity and the acceleration of renewables were approved without further discussion by the Energy Ministers of the EU, beyond the agreement on a gas market correction mechanism, according to a press release by the Ministry of Energy.
Permanent Secretary of the Ministry Marios Panayides attended the Council in Brussels.
The agreement on a market correction mechanism to protect citizens and the economy from excessively high energy prices was the result of lengthy consultations, according to the announcement.
The Council also adopted, without discussion, two proposals by the commission on tackling the energy crisis and high energy prices, on which preliminary agreement was reached at the extraordinary Energy Council on 24 November.
In particular the energy crisis and high prices are tackled through strengthening solidarity via a better coordination of gas purchases, cross-border gas exchanges and reliable price benchmarks; and by establishing a framework to accelerate the development of renewable energy sources.
Panayides said that Cyprus agrees with the proposed Regulation for the establishment of a gas price correction mechanism.
He also pointed out that the regulation is an effective tool to tackle high energy prices, protect citizens and the economy, while ensuring that security of supply and the energy market in general will not be negatively affected.
The Council also agreed on a general approach on the proposal for a regulation on the reduction of methane emissions in the energy sector, as well as on the REPowerE proposal for a directive on strengthening the energy transition.
Panayides said that Cyprus agrees with both proposals. In particular, with regard to the proposal for a Directive on strengthening the energy transition, he welcomed clarifications included in the final text regarding specific provisions for deep offshore drilling.
The Council also discussed issues of international energy relations, the forthcoming proposal for a revision of the EU’s electricity market design, the progress of negotiations with the European Parliament on the Energy Efficiency and Renewable Energy Directives of the “Fit for 55” package, as well as the progress made on the legislative package on the gas and hydrogen market.
Source: Cyprus News Agency