Kyriakos Mitsotakis, Greece’s Prime Minister, has appealed to the EU for urgent action on the ongoing energy crisis, which has caused dramatic price increases. In a letter to the European Commission, he highlighted that electricity prices more than doubled in August, reaching 130 euros per MWh. Mitsotakis urged Commission President Ursula von der Leyen to focus on expanding cross-border energy capacity in her second term to prevent future crises.

The Greek leader also pointed out that high electricity costs are driving up water prices in Greece, Romania, and Hungary. He attributed this to various factors including warm weather, power generation issues, and drought affecting hydroelectric plants.

Mitsotakis reiterated Greece’s earlier warning that Russian attacks on Ukrainian infrastructure would impact Southeast European electricity prices. He noted that Ukraine, previously an electricity exporter, now relies heavily on imports from EU neighbors.

The energy price issue has become a major concern for European policymakers trying to boost the continent’s global competitiveness. A report by Mario Draghi, former Italian PM and ECB President, indicated that European companies pay two to three times more for electricity than their U.S. counterparts.

The European Commission estimates that 584 billion euros in power grid investments are needed by 2030 to meet climate goals and aims for EU states to share 15% of their electricity with neighboring countries.

In a recent speech in Thessaloniki, Mitsotakis emphasized the persistent problem of high electricity prices in Southeast Europe, calling for attention to what he sees as a fundamental market distortion in the region.