Mitsotakis reiterates call for capping gas prices

Mitsotakis reiterates call for capping gas prices

Prime Minister Kyriakos Mitsotakis insisted on the need for an EU-wide ceiling on natural gas, in an op-ed published in Bloomberg Monday.

“Confronted with clear market manipulation, government intervention is not just justified but required,” Mitsotakis said.

“No matter how high prices go, Europe as a whole cannot, in the short term, fully replace the volumes it has lost from Russia. When supply cannot respond to prices, letting prices rise forever is an act of neglect, not prudence,” he said.

“Sooner or later, markets will balance – but without a cap on prices, the cost of that balancing will be measured in lives destroyed and jobs lost,” he said.

“We cannot afford to sit back and watch as Russia uses our market institutions against us. It is an act of common sense, and of sovereignty, to step in and design rules that respond to the unprecedented challenge we face. Imposing a cap on natural gas prices is an inevitable step in that process.”

The full article can be found here.

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