Prime Minister Kyriakos Mitsotakis has sent a new letter to the President of the European Commission, Ursula von der Leyen, calling for the immediate adoption of new strategies to reduce gas and electricity prices. His intervention underlines the need for faster and more flexible action for the EU to strengthen its competitiveness and respond to energy challenges.

“Prices are telling us that we need to move faster but also differently – to think of new ways to address the problems we face,” Mitsotakis said in his letter, Bloomberg reveals.

Europe’s competitive disadvantage compared to the US and lower-cost markets, highlighted by the 2022 energy crisis, signals potential trade wars with the incoming Trump administration.

Increased gas and electricity prices have led industrial giants such as BASF SE to divert investment elsewhere and helped to bring down the government of German Chancellor Olaf Scholz. Benchmark European gas prices have jumped by about 60 percent in the past year as the region struggles to replace Russian supplies.

Meanwhile, Bloomberg reported that Greece has sought to boost its status as a gateway for energy imports to the region by investing in LNG terminals, pipelines, and power transmission lines.

Mitsotakis called on the EU to better integrate national grids and said a new push on gas security was needed.

“Changes in the geopolitical landscape make this project even more urgent” and although Europe is preparing for a future where gas plays a smaller role, “we will be dependent on gas for at least two decades,” the prime minister said in his letter.

The EU should also empower European companies to invest in gas projects and infrastructure and sign contracts that guarantee access to global supplies, Mitsotakis said.

Regarding energy, Mitsotakis called for the development of a special working group to increase cross-border flows, where there are significant price differences, and for the EU to reformulate the long-term network planning process. The bloc also needs to curb the costs that come from over-regulation of emissions, he said.

After five years of emphasis on green initiatives during von der Leyen’s first term, the commission is prioritising an outline of the actions needed to boost competitiveness while seeking to stay on track with its ambitious climate policies. As Bloomberg reports, Mitsotakis was one of the strongest supporters of her re-election and was one of the two leaders who signed her nomination letter on behalf of the European People’s Party.