“We will work until we have a fully agreed text,” a European official said late on Thursday amid talks between 27 leaders in Summit EU in Brussels.

Dinner ended just before midnight, according to APE-MPE, and the discussion was still focused on energy and the economy.

Mitsotakis intervention

In his speech during the energy debate at the European Council, Mr. Kyriakos Mitsotakis emphasized the need to reach an agreement. “We have to look at the big picture. We need to send the signal that Europe is taking back control. We cannot afford to delay any longer,” he stressed, according to government sources.

He stressed that the leak of information about the plan to interfere in the price of natural gas (ceiling) on ​​the European Energy Exchange was a signal to the market, which led to lower prices. “Markets see our determination. If we don’t send a clear message and instruct the Commission to start working on a proposal package, the markets will react. We cannot return. We cannot lose,” he stressed.

“It’s time to make bold decisions”

Earlier, speaking at the Synod, Mr. Mitsotakis said that “The European Council, which starts today, will be of decisive importance, because the time has come to take European decisions to solve the most pressing issue that worries all European societies. And I mean the high cost of energy, which causes a domino effect with very high inflation rates.”

The Prime Minister added: “I believe that after a lot of preparatory work, we have reached the point where we have a package of proposals from the European Commission that are moving in the right direction. And I strongly believe that we will be able to convince even the most skeptical members of the Council of Europe that now is the time to take these bold decisions. Set a ceiling on the price of natural gas at TTF levels so that we can respond to those who use energy to inflict unnecessary pain on European societies.”

And he continued: “In any case, I want to reiterate that the Greek government will continue to support Greek society, and especially our most vulnerable fellow citizens, so that together we can overcome this difficult winter. In 2022 alone, we spent more than $7 billion, much of which came from the energy producers themselves, and in doing so managed to keep our electricity bills at an acceptable level. This is also what all Greek citizens find out when they receive their bills. They see the amount of the subsidy and understand how much they would pay if it were not for this significant government intervention.”

The Prime Minister, answering a relevant question, said that “the proposals of the European Commission are moving in the right direction.” He added: “We’re talking about an overall package that is part of what we call a ‘price cap’ or ‘price band’ that will put a cap on the extreme volatility we’re seeing in the TTF index. I believe that there are ways to overcome what could be legitimate concerns on the part of Member States that are afraid of logistical security. I believe the European Commission has thought through its proposals well, and I expect that by the end of the summit there will be an agreement to instruct the European Commission to move forward with these proposals, which will include what we call “limiting the TTF”. ‘ . I believe that this is required today at the level of European leadership. I think we’ve already lost a lot of time. We paid Russia unnecessary amounts in terms of inflated gas prices. And if we want to send a message to European societies that there is a European solution to something that is essentially a European problem, we must act now.”