Energy ministers discuss winter security and Great Sea Interconnector in Luxembourg

Energy ministers from across the European Union met in Luxembourg on October 29, 2026, to address critical challenges including regional energy security ahead of the winter season and rising electricity costs. Amid concerns over natural gas prices exceeding 100 euros per megawatt-hour and wholesale electricity prices surpassing 300 euros in several markets, officials prioritized discussions on grid infrastructure, energy storage, and network fee reforms aimed at increasing transparency and reducing consumer costs.

A significant focus of the summit was the progress of the Great Sea Interconnector (GSI). Cyprus Minister of Energy, Commerce and Industry Michalis Damianou and Greek Minister of Environment and Energy Stavros Papastavrou held tripartite meetings with European Commissioner for Energy Dan Jørgensen and Irish Minister Eamon Ryan. Commissioner Jørgensen reaffirmed EU support for the project, describing it as a vital strategic infrastructure effort that will end Cyprus's energy isolation and facilitate regional market integration.

Minister Damianou emphasized that while energy transitions are essential, they must remain realistic and sensitive to the specific economic conditions of each member state. The council remains focused on maintaining competitiveness and ensuring that long-term climate goals translate into tangible benefits for households and businesses during this period of price volatility.