Minister of Energy George Papanastasiou said energy cohesion and cooperation among EU member states is needed to face current challenges.

Speaking at the 14th Athens Energy Summit on Wednesday Papanastasiou brought up the challenges and uncertainties created by new US policies and ongoing wars, which he said are threatening the competitiveness of the EU’s heavy industry.

According to the energy minister, having been cut off from cheap Russian energy Europe is headed down a path of heavy dependence on the US, which will increase costs.

“We need to think again about these issues in Europe. Renewables, combined with complete systems for generation, grids and storage, can be the way forward,” Papanastasiou said.

It is important to develop coherence and unity because in its absence costly investments would be the alternative, he added.

Papanastasiou said Cyprus is discussing exploitation of gas deposits in the country’s exclusive economic zone (EEZ) with the Egyptian government on an ongoing basis. Any infrastructure related to electrical interconnections is a potential target for physical or cyber- attacks, the minister added, and thus Cyprus is working to establish safeguards.

Greek Minister of Environment and Energy, Theodoros Skylakakis, said it was important to be realistic and reduce risks. He outlined his strategy for the green transition, saying Greece is one of the world’s fastest growing energy markets in terms of renewables.

“We are looking to have the right ratio of photovoltaic and wind [energy] so that we are not [reliant on] one [single] technology,” he said.

North Macedonia Energy Minister Sanja Bozhinovska said her country is working intensively on energy-related legislation to bring it into compliance with EU regulations.

She said her state had decreased reliance on coal but was seeking out more energy from renewable sources and energy storage facilities.

After the summit Papanastasiou met with the Minister of Development of Greece Takis Theodorikakos, to exchange views on best practices for upgrading daily life for consumers.

“The two ministers are in open communication for cooperation on issues related to the development of trade between Cyprus and Greece,” the ministry said in a press release.