Dialogos

Strengthening Energy Networks, Energy Prices and Investments Discussed at the Council

Published March 16, 2026, 20:00
Strengthening Energy Networks, Energy Prices and Investments Discussed at the Council

Issues related to strengthening energy networks, energy supply security, and the energy transition were discussed at the Transport, Telecommunications and Energy Council of the European Union, held in Brussels under the Cypriot Presidency. The Minister of Energy, Commerce and Industry, Michalis Damianou, emphasized that the discussions are part of the Cypriot Presidency's vision for a competitive, resilient and strategically independent Europe, with energy as a key pillar. The European energy networks package was discussed, with emphasis on the further development and interconnection of electricity networks. There was broad consensus on the need to strengthen interconnected networks, with the aim of reaching a general approach in June. The creation of new interconnections and the utilization of existing infrastructure are considered vital for greater energy flow, competitiveness and addressing high costs. In addition, the affordability of energy prices was discussed, with a presentation of national measures to support households and businesses. Accelerating the transition to renewable energy sources, electrification and the development of energy infrastructure are considered the most sustainable approach to reducing costs and enhancing competitiveness. Finally, the importance of geopolitical developments in the Middle East on energy prices was recognized, highlighting the need for a more resilient and interconnected European energy system. The EU's energy transition requires investments of approximately €660 billion annually, while current investments cover only half of this amount.