• 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

  • 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
  • The Moon Is Moving Away From Earth At A Rate Of About 3.8 Centimeters Per Year. Will It Ever Drift Apart?
  • As Solar Storm Hits Earth NASA Finds “The Sun Is Slowly Waking Up”
  • Plate Tectonics And CO2 On Planets Suggest Alien Civilizations “Are Probably Pretty Rare”
  • How To Watch The “Awkward” Partial Solar Eclipse This Weekend
  • World’s Oldest Pots: 20,000-Year-Old Vessels May Have Been Used For Cooking Clams Or Brewing Beer
  • “The Body Is Slowly And Continuously Heated”: 14,000-Year-Old Smoked Mummies Are World’s Oldest
  • Pizza Slices, Polaroid Pictures, And Over 300 Hats: What’s Left Behind In Yellowstone’s Hydrothermal Areas?
  • The Mathematical Paradox That Lets You Create Something From Nothing
  • Ancient Asteroid Ripped Apart In Collision Had Flowing Water
  • Flying Foxes Include The World’s Biggest Bat And The Largest Mammal Capable Of True Flight
  • NASA Responds To Claims That Interstellar Object 3I/ATLAS Is An Advanced Alien Spacecraft
  • Millions Of Tons Of Gold Are In Earth’s Oceans, Potentially Worth Over $2 Quadrillion
  • The Race Back To The Moon: US Vs China, Will What Happens Next Change The Future?
  • NOAA Issues G3 Geomagnetic Storm Warning As 500,000 Kilometer Hole Sends Solar Wind At Earth
  • Lasting 776 Days, This Is The Longest Case Of COVID-19 Ever Recorded
  • 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