Energy Council to discuss EU competitiveness and winter preparedness

The EU energy ministers will convene in Luxembourg on 15 October 2024 for the official Energy Council under the Hungarian Presidency. There are no decisions on the agenda of the meeting. The ministers will discuss follow-up measures to the recommendations of Draghi’s competitiveness report, preparedness for the upcoming winter season and divergence in wholesale electricity prices.

Minister of Climate and the Environment Kai Mykkänen will represent Finland at the meeting. The ministers will exchange views on the contribution of the energy sector to EU competitiveness and the recommendations of the Draghi report. The key issues concern European energy prices that are high on average, and the significant need for investments mainly related to infrastructure development.

Finland’s position is based on a technology-neutral approach in which the clean transition is implemented cost-effectively and on market terms, creating a clear competitive advantage for the EU. Finland’s objective is to continue the efforts to combat climate change consistently, to have better and less EU regulation and to reduce the administrative burden, especially on companies. The primary focus of the measures to achieve the 2040 climate target must be on emission reductions. Although energy prices in many places in Europe are high, electricity in Finland and northern Europe is inexpensive and clean.
 
The ministers will also discuss the divergence in wholesale electricity prices. In particular, views will be exchanged on coordinated EU action, the option to increase cross-border capacity, better trade between different regions of the EU and increased flexibility of the internal electricity market. 

Preparations for the winter season 2024-2025 will also be on the agenda. The ministers will hear the Commission’s assessment of the security of energy supply in the EU. The EU’s dependence on Russian gas has decreased, but the end to the transit of gas through Ukraine at the end of this year will pose a challenge. However, gas storages are almost full. The ministers will also discuss ending the use of Russian liquefied natural gas (LNG).

The Ukrainian Minister of Energy will give a presentation about the country’s difficult energy situation before the start of the winter. The EU and the Member States aim to provide help to Ukraine in many ways, including in the energy sector.

Inquiries: 
Riku Huttunen, Director General, Minister of Economic Affairs and Employment, tel. +358 50 431 6518 
Elina Johansson, Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 50 301 4607 
Sanna Ek-Husson, Senior Specialist, Permanent Representation of Finland, Brussels, tel. +32 470 206 178