Cyprus urges EU for greater financial and policy support to tackle energy crisis
"Cyprus Energy Minister Michael Damianos urged the EU to provide increased financial support to shield consumers and businesses from the ongoing energy price crisis. Concurrently, EU Energy Commissioner Dan Jørgensen advocated for targeted national relief measures and accelerated structural investments in clean energy to mitigate the financial drain of fossil fuel reliance."
EU Directive 2019/790 Article 15 Attribution • Verified Energy Document
Cyprus Energy Minister Michael Damianos has called on the European Union to provide increased financial and policy support to mitigate the ongoing energy crisis. Speaking at an informal two-day meeting of EU energy ministers in Dublin, Ireland, Damianos emphasized the critical need for adequate funding to address the crisis's repercussions and reduce energy costs for both households and businesses.
Minister Damianos highlighted that discussions during the meeting focused on key areas including energy affordability, empowering consumers, accelerating electrification, and improving energy efficiency. Additional critical topics covered were energy security, enhancing energy interconnections, and safeguarding vital infrastructure.
European Commissioner for Energy Dan Jørgensen noted that Europe continues to grapple with an energy price crisis several months after the conflict in Iran began. He described the situation around the Strait of Hormuz as showing little improvement, with geopolitical instability contributing to highly volatile energy prices. Jørgensen revealed that since the conflict's commencement in spring, the EU has spent over €100 billion more on fossil fuel imports without securing additional energy volumes, underscoring the significant risks and expenses associated with dependence on imported fossil fuels.
While the European Commissioner stated that the EU does not foresee an immediate threat to Europe's energy supply for the upcoming winter, high utility bills and fuel prices remain a considerable burden for citizens and companies. He urged member states to implement temporary and targeted measures to alleviate these costs and to strategically allocate available budget flexibility towards investments in clean energy solutions.
Jørgensen articulated that the overarching European strategy should involve a dual approach: accelerating the clean energy transition and implementing structural changes, alongside offering practical support to member states, businesses, and citizens throughout this transitional period. This comes after a European Commission representative previously indicated to Cyprus Mail that reducing VAT on fuel would not align with EU law.
In Cyprus, fuel prices have recently seen diesel reaching €2 per liter and petrol approximately €1.68 per liter. Cyprus Finance Minister Makis Keravnos commented that the government's measures over the past two years have been more effective than those implemented by other European governments.