• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Greece proposes EU-wide mechanism on rising energy costs

October 5, 2021 by David Barret Leave a Comment

October 5, 2021

ATHENS (Reuters) – Greece has proposed an EU-wide mechanism for hedging against steep gas price fluctuations to help households tackle rising energy prices across the bloc.

Gas prices have surged so far this year as world economies are recovering from the coronavirus pandemic and global demand is picking up much faster than supply.

EU leaders will discuss this week whether the spike requires a coordinated response.

In a joint letter to the head of euro zone’s finance ministers, Paschal Donohoe, Greek finance and energy ministers called on the European Commission to consider setting up an EU-wide fund for hedging against gas price spikes.

The mechanism could draw funds from advance payments of carbon emission allowances that would be allocated to EU countries based on their heating and power consumption and on their gross domestic product per capita, Greek Finance Minister Christos Staikouras and Energy Minister Kostas Skrekas said in the joint letter.

The Greek proposal also includes auctioning of additional allowances of carbon emissions through the EU’s emissions trading system, which would produce extra revenues for EU countries to help them fund compensating schemes for consumers in the winter season.

“The unprecedented spike in gas prices, and by extension in electricity prices, is a major challenge for all EU Member States that cannot be dealt with, solely, at national level,” the letter said.

Greece said European consumers could face an additional energy cost of 100 billion euros ($115.98 billion) in the upcoming winter.

European Union leaders will discuss later in October the idea of setting up an EU strategic gas reserve and the decoupling of electricity prices from gas prices, the head of the European Commission Ursula von der Leyen said on Tuesday. ($1 = 0.8622 euros)

(Reporting by Angeliki Koutantou; Editing by Alex Richardson)

Source Link Greece proposes EU-wide mechanism on rising energy costs

David Barret
David Barret

Related posts:

  1. Australia says 3,500 people have arrived from Afghanistan
  2. China Evergrande shares, bonds dive further on default worries
  3. Fed policymakers see upward march in interest rates starting next year
  4. Facebook’s CTO to step down after 13 years at the company

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • World’s Oldest Pachycephalosaur Fossil Pushes Back These Dinosaurs’ Emergence By 15 Million Years
  • The Hole In The Ozone Layer Is Healing And On Track For Full Recovery In The 21st Century, Thanks To Science
  • First Sweet Potato Genome Reveals They’re Hybrids With A Puzzling Past And 6 Sets Of Chromosomes
  • Why Is The Top Of Canada So Sparsely Populated? Meet The “Canadian Shield”
  • Humans Are In The Middle Of “A Great Evolutionary Transition”, New Paper Claims
  • Why Do Some Toilets Have Two Flush Buttons?
  • 130-Year-Old Butter Additive Discovered In Danish Basement Contains Bacteria From The 1890s
  • Prehistoric Humans Made Necklaces From Marine Mollusk Fossils 20,000 Years Ago
  • Zond 5: In 1968 Two Soviet Steppe Tortoises Beat Humans To Orbiting Around The Moon
  • Why Cats Adapted This Defense Mechanism From Snakes
  • Mother Orca Seen Carrying Dead Calf Once Again On Washington Coast
  • A Busy Spider Season Is Brewing: Why This Fall Could See A Boom Of Arachnid Activity
  • What Alternatives Are There To The Big Bang Model?
  • Magnetic Flip Seen Around First Photographed Black Hole Pushes “Models To The Limit”
  • Something Out Of Nothing: New Approach Mimics Matter Creation Using Superfluid Helium
  • Surströmming: Why Sweden’s Stinky Fermented Fish Smells So Bad (But People Still Eat It)
  • First-Ever Recording Of Black Hole Recoil Captured During Merger – And You Can Listen To It
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version