EU foreign ministers focus on single energy market

European Union foreign ministers on Monday discussed how to finance infrastructure needed for joining up the bloc's energy networks to form a single energy market. The meeting in Brussles was chaired by Hungarian foreign minister János Martonyi.

The meeting in Brussels was to prepare the ground for an energy and innovation summit of European leaders to be hosted by EU president Hungary on Friday this week.

Sources, who asked not to be named, told the Hungarian News Agency MTI that the draft final document gives preference to private capital, but public funds will be considered as an option if private financing falls short in certain areas. So far, no decision has been made on whether to use EU funds for the purpose, they added.

The ministers also discussed a European Commission proposal that would require EU member states to report energy contracts concluded with a non-EU country. Some argued that unless the EU has access to information on obligations undertaken in contracts with private companies, a clear picture of the bloc's energy market would not emerge.

The Commission also wants member states to make clear pledges on their energy efficiency commitments at the Friday summit. Some member states are relectant on this score, the sources said.