Damianos calls for stronger EU energy supply security amid Middle East-linked price spikes

Nicosia, Cyprus. Energy Minister Michael Damianos said the EU needs to strengthen the security of its energy supply ahead of a video conference of EU Energy Ministers. He said the meeting will address ways to protect competitiveness and safeguard the EU’s economic future.

Video conference called over energy price spikes

Damianos said the Cyprus Presidency of the EU Council called the video conference due to recent energy price spikes in light of the situation in the Middle East. He said that although security of supply is currently safeguarded, European households are feeling the price increase.

Households affected as gas and oil prices rise

Damianos said gas prices have increased by about 70 per cent and oil by about 50 per cent, adding that households are suffering. He said the EU is a net importer of fossil fuels and needs to act.

Cyprus Presidency monitoring situation and urging coordinated response

Damianos said the Cyprus Presidency is monitoring the situation and considers a response essential. He said the EU needs to coordinate and remain united, strengthen security of supply, protect competitiveness and safeguard its economic future.

How should the EU respond to rising energy prices while maintaining security of supply and competitiveness?