We need to make sure that we strengthen our security of supply, protect our competitiveness and safeguard our economic future, the Minister of Energy, Commerce and Industry, Michael Damianos, said on Tuesday, ahead of an informal video teleconference of the EU Energy Ministers, within the framework of the Cyprus Presidency of the EU Council.
"The Cyprus Presidency has called this video conference of Energy Ministers of the EU due to the recent energy price spikes in light of the situation in the Middle East," Damianos said.
"Although security of supply is currently safeguarded, European households are obviously feeling this price increase," he said. "As there has been an increase in gas prices of about 70 percent and oil of about 50 percent, this means that households are suffering, and in light of the fact that the EU is a net importer of fossil fuels, we need to act in this regard," he added.
Damianos noted, "the Cyprus Presidency is monitoring the situation and believes that it is essential to have a response."
"We need to coordinate and the European Union approach to this matter is to be united. We need to make sure that we strengthen our security of supply, protect our competitiveness and safeguard our economic future," he concluded.