Minister of Energy, Commerce and Industry Michael Damianos referred to energy security, investments in energy grids, and the situation in the European energy market in statements made before the start of the Transport, Telecommunications and Energy Council, which is taking place on Monday in Brussels.
Damianos stated that the situation in Cyprus has fully returned to normal, noting that all activities are continuing as usual, including EU-related activities. As he mentioned, all informal councils that will take place on the island from April to June will be held normally.
“Cyprus is and remains a safe and stable place and will always be part of the solution to any crisis in the region or in the European Union,” he said.
Referring to the agenda of today’s meeting, the Minister noted that it is taking place at a time when energy prices are rising. He explained that the European Union is in a difficult situation due to its dependence on fossil fuels and its exposure to external shocks.
He pointed out that the focus of the discussions will be the package on energy grids, adding that the required investments are estimated at €660 billion. He underlined that this amount cannot be covered exclusively by public resources and that the contribution of private investment in energy infrastructure will also need to be considered.
Damianos added that ministers will also discuss the issue of affordable energy, as well as the situation in Moldova and Ukraine. He stressed that the more we invest in our energy, the more we invest in our security and our competitiveness.
Asked whether the war could overshadow discussions around the implementation of REPowerEU plan, the Minister replied that the issue is not on the agenda and that he does not expect it to be discussed during the day.
Regarding developments in energy prices, he noted that the reaction of the markets depends on the duration of the crisis and how the situation evolves. He added that the issue is expected to be discussed further within the framework of meetings of the European Council.
Finally, he stressed that energy policy includes two key dimensions: security of supply and energy prices. He noted that these are different issues that must be examined separately, emphasizing that strengthening security of supply may in some cases also lead to higher energy prices.
(Source: CNA)
