Bulgaria, Greece and Romania sent a joint letter to the EC with a call to address the problems in the electricity market

The energy ministers of Greece, Romania and Bulgaria called on the European Commission to tax the excess profits of electricity producers and traders and to give priority to the development of energy connections in South-Eastern Europe, ANA-MPA reported, quoted by BTA.

The Greek Ministry of the Environment and Energy announced that, on the initiative of Minister Theodoros Skilakakis, a joint letter was sent to the European Commissioner for Energy, Kadri Simson, last Friday. The letter was signed jointly with Romanian Energy Minister Sebastian Burduza and Bulgarian Energy Minister Vladimir Malinov. In the document, ministers call for measures to deal with the sharp rise in electricity prices in South-Eastern Europe this summer.

Ministers stress that price volatility in South-Eastern Europe has put significant pressure on the economies of countries in the region, putting both energy security and market stability at risk.

The letter highlights important issues such as the lack of sufficient capacity for energy connectivity, the fragmentation of energy markets and limited flexible generation capacity. Geopolitical factors and security of energy supply are also mentioned in the letter.

It also states the need for both short-term and long-term measures.

In terms of short-term measures, ministers stressed the need for immediate action such as taxing the excess profits of electricity producers and traders. The revenue from this taxation could be used to provide relief to consumers and stabilize the market in the short term. Ministers are also calling for closer cooperation between national regulatory authorities to effectively monitor the market.

In relation to long-term measures, they stress that the European Commission should prioritize the development of key infrastructure for interconnections in South-Eastern Europe.

Among the main requests presented by Greece, Bulgaria and Romania to the EC is the prioritization of the development of interconnections in South-Eastern Europe in order to overcome the lack of infrastructures that isolates the region from the wider EU market.

Another demand presented in the letter is an increase in cross-border energy interconnection capacity to promote price convergence within the single market, especially during periods of peak demand.

Ministers are also pushing for short-term financial measures such as taxing producers' excess profits to stabilize the market and provide relief to consumers.

The letter also calls for strengthening regional cooperation and market unification, promoting price harmonization and improving energy security in Southeast Europe.

The letter to the European Commissioner for Energy is accompanied by a joint technical memorandum prepared by Greece, Bulgaria and Romania, which outlines the main factors leading to the increase in energy prices. The document also emphasizes that coordinated action at EU level is essential to address the challenges and ensure the sustainability of the energy market in the region.