Greek Premier Urges EU to Tackle High Energy Prices Faster

(Bloomberg) -- Greek Prime Minister Kyriakos Mitsotakis called on the European Union to consider new ways to bring down gas and electricity prices, as part of a wider bid to boost the bloc’s competitiveness.

Most Read from Bloomberg

“Prices are telling us we need to move faster but also differently — to think about new ways to tackle the problems that confront us,” Mitsotakis said in a letter to European Commission President Ursula Von der Leyen seen by Bloomberg News.

ADVERTISEMENT

Europe’s disadvantage relative to the US and other lower-cost markets, which came into focus during the 2022 energy crisis, has again taken center stage as the continent braces for trade wars under the incoming Trump administration.

High gas and power prices have led industrial giants like BASF SE to shift investments elsewhere and helped precipitate the collapse of German Chancellor Olaf Scholz’s government. Benchmark European gas prices have jumped about 60% over the past year as the region struggles to replace Russian supplies.

Meanwhile, Greece has sought to boost its status as a gateway for energy imports into the region with investments in liquefied natural gas terminals, pipelines and power lines.

Mitsotakis urged the EU to better integrate national grids and said it needs a new push in gas security.

“Shifts in the geopolitical landscape make this task even more urgent,” and even though Europe is preparing for a future where gas will play a smaller role, “we will depend on gas for at least two decades,” he said in the letter.

ADVERTISEMENT

The EU also needs to empower European companies to invest in gas projects and infrastructure and to sign contracts that guarantee access to global supplies, Mitsotakis said.

In electricity, Mitsotakis called for the creation of a task force to increase flows across borders where there are significant price disparities and for the EU to redesign its long-term planning process for grids. The bloc must also limit the costs that come from overregulation of emissions, he said.

After five years of emphasis on green initiatives during Von der Leyen’s first term, the Commission is prioritizing an outline of actions needed to boost competitiveness, while seeking to stay the course on its ambitious climate policies.

Mitsotakis was one of the strongest endorsers of Von der Leyen’s re-election and was one of the two leaders who signed her candidacy letter on behalf of the European Popular Party.

--With assistance from Ewa Krukowska.

ADVERTISEMENT

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.