Greek Prime Minister Kyriakos Mitsotakis proposed to the European Commission to pay EU countries for reducing gas consumption, Mitsotakis’ letter to the head of the European Commission Ursula von der Leyen was published by the Prime Minister’s press service. A copy of the letter was sent to European Commission Vice President Frans Timmermans and Energy Commissioner Kadri Simson.
Mitsotakis presented a proposal to strengthen energy security for the coming winter and, at the same time, reduce gas and electricity prices.
“I believe the time has come to combine our most important asset, European solidarity, with one of the most important levers we have to strengthen our energy security: our own consumption. I want to propose a pan-European mechanism by which industrial consumers will be compensated for reducing the use of gas and electricity in the coming winter”, the prime minister writes.
According to the letter, the idea is based on the European Commission’s Gas Savings for a Safe Winter project.
“It is a cross between a voluntary reduction in demand, which we all must determine, and a mandatory reduction, which can occur in an emergency. By offering financial incentives rather than relying on an interruption penalty during an emergency, the proposal is more likely to generate a significant response from the industry,” the letter said.
Energy markets have established tools to pay users not to consume energy when it is beneficial to the system as a whole, he said.
“The mechanism I propose will be more ambitious and will cover demand reduction for several months, and not for hours or days. To work, this tool must combine elements of the energy market structure—when, how much, and for how long—and how the industry is fairly compensated. Ideally, we would pool national and European resources, showing solidarity and providing funds to those most able to reduce their consumption. This is an idea that combines economic and energy efficiency with European solidarity,” said Mitsotakis.
He believes that the benefits from the successful implementation of this idea will be significant.
“But this idea needs to be implemented quickly – it will only work if we can secure these volumes by September, demonstrating our determination to Russia and changing the attitude of the gas market towards Europe. This is an important opportunity to take a bold step to protect our economy and our citizens until the onset of next winter,” the Prime Minister of Greece believes.
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