Statement of the Deputy Minister for European Affairs at the Plenary debate on "Energy security, independence and supply in the geopolitical context - ensuring market stability and affordable energy for industry and citizens" at the European Parliament

The Deputy Minister for European Affairs of the Republic of Cyprus, Ms Marilena Raouna, delivered a statement during the Plenary debate on "Energy security, independence and supply in the geopolitical context - ensuring market stability and affordable energy for industry and citizens" at the European Parliament, on 25 March 2026 in Brussels. The full text of her statement is as follows:

Mrs President,

Honourable Members,

Mr Commissioner,

Last week, at the Spring European Council, European leaders discussed the impact of the situation in Iran and the Gulf region and the closure of the Strait of Hormuz on energy security and energy prices, and subsequently on the European Union's competitiveness.

This debate will be followed by the debates with Presidents Costa and von der Leyen on the outcome of the European Council.

In today’s interconnected world, this war – which is in Europe’s neighbourhood - inevitably impacts Europe.

We are witnessing a significant rise in oil and gas prices.

While there is currently no immediate threat to the EU's energy supply, the situation remains volatile and we must be prepared for the scenario in which the situation deteriorates further.

There is no simple solution, there is no quick fix to address these spikes in energy prices.

However, one thing is clear: to mitigate the risks to our citizens, our security, and our competitiveness, we must demonstrate the same unity that we showed during the 2022 energy crisis.

In the short term, the Commission and the EU member states are exploring targeted, temporary and financially and fiscally sustainable measures to ease the pressure on both our households and our industries.

We also know that a ‘one-size-fits-all’ solution is not the way to go. What works in one member state may not work in another – by way of example, different member states have different energy mixes.

And at the same time, coordination and solidarity are key.

We must also continue to implement the measures proposed by the Commission in its Affordable Energy Action Plan.

In the longer term, we should stay focused on our goals of electrification and decarbonisation of the energy sector.

These are not abstract objectives — they are our strongest guarantee, aimed at strengthening European energy independence and protecting us from future shocks.

It is admittedly true that some have raised questions about the Emissions Trading System and the marginal pricing mechanism that determines electricity prices under the Electricity Market Design.

The Council’s view is clear: these instruments have played a key role in driving the progress we have made toward the green transition. We must ensure that the pathway remains ambitious yet, at the same time, achievable.

However, the conflict in the Middle East means that targeted solutions must be found in the short term to ensure affordable energy and to address excessive volatility.

These solutions must, of course, also take into account technological neutrality and each member state’s specificities, in a manner that does not undermine predictability and a level playing field.

This includes, among others, reviewing the Emissions Trading System (ETS) by July 2026 at the latest, as was agreed at the last European Council.

If anything, the current crisis has demonstrated that we need to further reduce our dependency on fossil fuel imports.

And one of the key initiatives supporting this objective is the European Grids Package.

This package will play a crucial role in strengthening our energy infrastructure, and enhancing integration across the European energy market - making us more resilient to precisely the kind of external shocks that we are facing today.

The Cyprus Presidency is prioritising the European Grids Package and working intensively to reach a general approach on this file by June, paving the way for an early start to the tripartite negotiations with the European Parliament.

The overall vision of the Cyprus Presidency is a Union that is more autonomous, and this is inextricably linked with energy independence and deeper integration for an efficient and effective energy union.

Thank you for very much your attention.

Video of the statement of the Deputy Minister for European Affairs

Photos

See photos from the event on the Cyprus Presidency's Flickr account.