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Greece Suggest Gas Reduction Compensation Scheme

NATURAL GAS

Greece has put forward the idea of a proposed EU-wide mechanism that would compensate industries for cutting their gas use this winter to help reduce overall consumption levels and allow member states to build domestic gas reserves.

  • Greek Prime Minister Kyriakos Mitsotakis said the mechanism would cover reductions in demand for several months rather than hours or days.
  • "By offering financial incentives, rather than relying on the penalty of interruptions during an emergency, the proposal is more likely to unlock a firm and sizable response from industry," he said.
  • It comes after the EU agreed earlier today to voluntary cuts in gas demand of 15%.
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Greece has put forward the idea of a proposed EU-wide mechanism that would compensate industries for cutting their gas use this winter to help reduce overall consumption levels and allow member states to build domestic gas reserves.

  • Greek Prime Minister Kyriakos Mitsotakis said the mechanism would cover reductions in demand for several months rather than hours or days.
  • "By offering financial incentives, rather than relying on the penalty of interruptions during an emergency, the proposal is more likely to unlock a firm and sizable response from industry," he said.
  • It comes after the EU agreed earlier today to voluntary cuts in gas demand of 15%.