Energy Prices, Security Discussed with V4 Counterparts

Economy and Energy Minister István Kapitány said on social media that ways to mitigate high energy prices and strengthen security of supply were on the agenda of a meeting of his Visegrád Group peers in the Slovak capital, Bratislava on Monday.

As the meeting of V4 energy ministers started, with the participation of Dan Jorgensen, the European Commissioner for Energy and Housing, the Hungarian minister highlighted the need to ease the burden on European businesses that pay "far more" for their electricity than peers in the United States or China, and to diversify energy sources and supply routes to ensure secure supply amid global tensions.

The sides will also discuss energy policy after 2030, with a focus on establishing conditions for promoting investment while taking into account each countries' unique situation, he said.

European companies pay significantly more for electricity than their American or Chinese competitors, and for gas, they pay several times the U.S. price – a situation that must change. Solutions are needed that reduce these burdens and improve the competitiveness of the European economy in the long term, the minister emphasized.

To strengthen security of supply, Hungary’s position is that there is a need for multiple sources of supply, new transportation routes, and closer energy ties with neighboring countries, he stated, adding that electricity and gas must be supplied reliably even when there are global tensions.