POWER: Greece, Bulgaria, Romania Eye Tackling Extreme Power Prices

Greece, Bulgaria and Romania are planning to propose a permanent intervention mechanism to avoid extreme power prices when southeastern Europe is cut off from the remainder of the European power market, Greek Energy Minister Thodoros Skylakakis said, cited by Bloomberg. 

• “There are not enough interconnections to transfer power from the central European market to the southeast. This has the result of having extreme prices on some days, which cannot be accepted,” Skylakakis said.
• The minister added that it makes no sense to remunerate power producers, when investments in interconnection cables by network operators are what is needed to tackle the issue.
• Greece and Cyprus reached an agreement on funding for the 1,208 Great Sea Interconnector cable between the two countries last week, sources told Bloomberg.