Greece 'Optimistic' On EU Agreeing To Intervene In Gas Price Regulation At Upcoming Summit

Greece expects the Council of the European Union to agree on a strong intervention to regulate the gas price in the EU market at the upcoming summit of the bloc in late October, Greek Prime Minister Kyriakos Mitsotakis said on Friday

MOSCOW (UrduPoint News / Sputnik - 08th October, 2022) Greece expects the Council of the European Union to agree on a strong intervention to regulate the gas price in the EU market at the upcoming summit of the bloc in late October, Greek Prime Minister Kyriakos Mitsotakis said on Friday.

"A common ground is shaping in the Council that there should be a common strong European intervention in order to lower gas prices. The EU Commission proposals are moving toward this direction, and I am optimistic that after the necessary work by the energy ministerial council, we will be able to agree on such intervention at the next EU summit," Mitsotakis said on the sidelines of the summit of the European Political Community in Prague.

On Thursday, the EU adopted a regulation of the Council on an emergency intervention to address high energy prices that includes a mandatory reduction target of 5% of electricity consumption during certain peak hours, additional fees from surplus revenues of energy companies, as well as a restriction on profits of companies that generate energy from cheap sources.

The next EU summit will take place in Brussels on October 20-21. Leaders of EU countries are expected to discuss further measures to mitigate negative consequences of the current energy crisis.