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Transport, Telecommunications and Energy Council (Energy), 15 October 2024
Main results
Energy sector for a competitive EU
Following up on the recommendations contained in the Draghi report, ministers publicly exchanged views on the contribution of the energy sector to the EU’s competitiveness.
Energy is one of the most important contributors to the EU’s competitiveness. Today, we had a constructive discussion on how to ensure abundant, affordable and clean energy for our citizens and industries, while stepping up our efforts for decarbonisation.
Attila Steiner, Hungarian Minister of State for Energy and Climate Policy
Energy ministers identified recommendations that should be prioritised and those that would contribute most to the EU’s objective of keeping energy costs affordable and competitive without losing sight of the need for decarbonisation and energy security. They also discussed ways to address the need for large-scale investment in grids, digitalisation, storage and interconnections, including by leveraging private capital.
Ministers held a discussion on the divergence of wholesale electricity prices within the EU, with a focus on price spikes in Central, Eastern and Southeastern Europe. Energy ministers shared the concerns prompted by high prices in the region and their impact on competitiveness and economies. They concurred that coordinated EU action is needed to stabilise prices and improve energy security in the region and in the EU.
They reflected on possible targeted measures to increase cross-border capacity and stressed the need for investment in interconnections and for enhanced coordination at a wider regional level. They identified both short-term and long-term steps to improve efficiency of cross-border flows.
Discussions will continue at the next meeting of the Central and South-Eastern Europe Energy Connectivity High-Level Group (CESEC), to take place in Budapest on 29 October 2024.
Energy ministers discussed preparedness for the upcoming winter season. The Commission gave ministers an update on security of supply in the EU. Furthermore, the Commission presented its action plan for stepping up the EU’s energy support to Ukraine while ensuring security of supply within the EU.
The Ukrainian Minister for Energy German Galushchenko gave a presentation on the energy situation in Ukraine (via videoconference).
The Commission presented its report on the state of the energy union and provided a follow-up on the implementation of the REPowerEU plan. In particular, the Commission updated ministers on how the EU is progressing in achieving its goal of phasing out Russian fossil fuels.
Ministers received an update from the Commission on the implementation of the Fit for 55 legislation. Fit for 55 is the EU’s legislation to reduce emissions by at least 55% by 2030 and to make the EU climate-neutral by 2050.
Cyprus provided information about the joint statement on ‘Transforming the Mediterranean Region into a Green Energy Corridor’, which was adopted on 23 September at the MED9 Energy Ministerial Summit.
Ireland, Belgium, Germany and the Netherlands asked for further analysis from the Commission and cooperation from member states on biofuels supply from palm oil derivatives and fraud prevention.
France, together with Bulgaria, Croatia, Czech Republic, Finland, Romania, Slovakia and Slovenia, informed ministers on the need to open up European hydrogen bank future auctions to all low-carbon hydrogen, including renewable.
