Prime Minister Kyriakos Mitsotakis expressed his satisfaction with the proposals presented by the President of the European Commission, Ursula von der Leyen on the energy crisis front.

In a post on Twitter, the Prime Minister explained that the energy proposals presented included two proposals that Greece had submitted a long time ago: a price correction mechanism on the Dutch TTF Exchange and a limitation of fluctuations in energy derivatives markets.

I welcome the comprehensive package proposed by the President of the European Commission @vonderleyen and especially the inclusion of two proposals Greece has long called for: a price correction mechanism at TTF and circuit breakers in energy derivative markets.

— Prime Minister GR (@PrimeministerGR) October 18, 2022

Mitsotakis also noted that the upcoming European Council presented an opportunity to regain control of the energy markets by setting a price cap.

As the prime minister emphatically notes, the establishment of the ceiling would reduce volatility. “It could be a decisive step in our effort to lower energy prices for European citizens and businesses,” noted the PM.

The upcoming European Council is an opportunity to reestablish control over our energy markets by placing a limit on prices and reducing extreme volatility. This can be a decisive step in our effort to lower energy prices for European citizens and businesses.

— Prime Minister GR (@PrimeministerGR) October 18, 2022

Earlier, Commission President Ursula von der Leyen and Energy Commissioner Kadri Simson essentially reiterated the measures already agreed upon by member states, choosing not to make mention of the possibility of imposing a maximum price on the wholesale natural gas market, something which has been requested by 15 EU member states but is finding resistance due to the complete refusal of Germany and the Netherlands to discuss such a measure.

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This issue will be examined in the European Council, as the “27” will have to reach a compromise regarding the type of ceiling that could, under conditions, be applied in the EU. That is, the Iberian model, a ceiling only in gas used to generate electricity, a temporary price cap, which would allow energy exchanges to suspend gas trading in case of extreme volatility, or finally some other proposal, such as the implementation of a dynamic “price corridor” for the market wholesale, allowing European prices to be indexed to other benchmarks (eg gas prices in Asia or the US).