NewsLocalCyprus President takes part in EU summit, focus is on energy crisis...

Cyprus President takes part in EU summit, focus is on energy crisis sparked by Ukraine invasion

Cyprus President Nicos Anastasiades and his EU counterparts on Thursday and Friday will focus on the energy crisis sparked by the Ukraine invasion during a two-day Council summit in Brussels.

US President Joe Biden will also join the European deliberations with analysts warning that there is no single easy answer to tackle the high electricity prices given the diversity of situations among Member States.

Some options are only suitable for specific national contexts and all carry costs and drawbacks, they also said.

The proposals that the heads of state have before them lead to unprecedented decisions which, if finally taken – something not really anticipated – they will lead to free market and competition rules and regulations violations.

One such example is the possible ceiling on electricity and gas prices.

Russian gas accounts for some 40% of Europe’s total gas consumption and now that sanctions have bee slapped on Moscow EU leaders are expected to agree at the summit to jointly buy gas.

Because they seek to cut reliance on Russian fuels and build a buffer against supply shocks.

Brussels is also aiming to strike a deal with Biden to secure additional U.S. liquefied natural gas supplies for the next two winters.

Top Stories