Energy cooperation is needed in Europe, Papanastasiou says at Athens summit

Minister of Energy, Commerce and Industry George Papanastasiou has pointed out that energy is linked to everything and is a key subject of discussions worldwide, noting that "power is in the union. We need cohesion and cooperation among EU Member States to face the challenges".

Papanastasiou, who was speaking during a panel discussion at the 14th Athens Energy Summit, on 5 February, described the environment of uncertainty created by new US policies and wars, with Europe suffering because its heavy industry cannot compete.

According to the Energy Minister, if low-cost energy from Russia is no longer available and Europe becomes heavily dependent on the US, there will be an increase in costs."We need to think again about these issues in Europe. Renewables could be the way forward, not alone, but combined with the development of a comprehensive system for generation, grid and storage," Papanastasiou said. In this context, he noted, "it is important to develop coherence and unity, because if each country turns inward, we will reinvent the wheel with costly investments."

He stressed that discussions are ongoing with the Egyptian government on the exploitation of gas deposits in the Cypriot EEZ. Referring to the issue of infrastructure security, Papanastasiou said that anything connected to electrical interconnections is a candidate target for physical or cyber attack by hackers.

In this context, Cyprus is trying to stay ahead of developments and develop systems that prevent cyber attacks, he added.

Speaking at the same event, Greek Minister of Environment and Energy, Theodoros Skylakakis, highlighted the importance of adopting realistic scenarios and reducing risks in an unpredictable world, outlining the country's strategy for the green transition. "We are one of the world's fastest growing energy markets in terms of renewables.We are looking to have the right ratio of photovoltaic and wind so that we are not exposed to one technology and to ensure the stability and resilience of the energy system," he said.

Sanja Bozhinovska, Minister of Energy and Mineral Resources of North Macedonia noted that the country is working intensively on energy-related legislation in order to comply with EU rules."We have had a very large increase in renewable energy in recent years, but to replace coal, we will need more energy from renewable sources and energy storage facilities," Bozhinovska said.

After participating in the summit Papanastasiou had a meeting with the Minister of Development of Greece, Takis Theodorikakos, with whom he had the opportunity to exchange views and ideas on best practices of the two countries that will help the daily life of the consumer.

"The two Ministers are in open communication for cooperation and discussion of issues related to the development of trade between Cyprus and Greece," the Ministry said in a press release.

(Source: CNA)