ATHENS: According to a release issued on Wednesday, Greek Prime Minister Kyriakos Mitsotakis submitted a six-point plan to handle the energy crisis in a letter to European Commission President Ursula von der Leyen.

Mitsotakis  reportedly argued that "a targeted and temporary market intervention" is needed to alleviate the price problem because the ongoing conflict in Ukraine has effectively overridden the natural mechanics of price creation in the gas wholesale market.

A price cap, daily price guardrails, emergency price setting (as an emergency reaction only), gross profit margin caps in wholesale electricity markets, physical-delivery trading (a time-limited option to only allow trading with physical delivery), and increasing liquidity in the natural gas market by market coupling among the United States, the European Union, and Asia are all part of the Prime Minister's plan.

Mitsotakis stated that the EU should minimise its dependency on Russian natural gas in the medium to long term.

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