Geothermal Energy Becomes the Focus of the Informal Meeting of EU Energy Ministers in Budapest

Author： Hits：73 Date：2024-07-20 source：https://hungarian-presidency.consilium.europa.eu/en/news/csaba-lantos-we-must-set-realistic-targets-to-green-the-energy-sector/

Hungary assumed the rotating presidency of the European Union on July 1st for a six-month term. The Hungarian Ministry of Energy held an informal meeting of EU energy ministers at the Varkert Bazaar in Budapest from July 16th to 17th. Hungarian Energy Minister Csaba Lantos stated, "We must set realistic goals to build a green energy sector."

Family photo at the Informal Meeting of Energy Ministers  © Hungarian Presidency

Csaba Lantos pointed out, "The Hungarian presidency will focus on enhancing Europe's competitiveness. To this end, key tasks include strengthening energy sovereignty and security, ensuring energy price affordability, and increasing the flexibility of energy markets."

The Hungarian minister also noted that despite the stabilization of global energy prices after two years of crisis, electricity prices in Europe remain about twice as high as in China, and natural gas prices are three to four times higher than in the United States. This price disparity underscores the need for strategic energy initiatives to ensure Europe's global competitiveness.

During the informal meeting, ministers first discussed the role of geothermal energy. Participants unanimously agreed that geothermal energy is a crucial alternative and sustainable renewable energy source that can be used for heating and electricity generation, offering many untapped benefits. Representatives from member states identified several areas where EU-level guidance and coordinated efforts could help accelerate investment. Several participants suggested increasing the availability of geological data and facilitating investor access to digitized and unified databases.

Prior to the meeting, Hungarian officials had discussed Hungary's geothermal agenda at the "Geothermal: Brightness Beneath Our Feet" event hosted by the European Geothermal Energy Council (EGEC) in Brussels.

EGEC Policy Director Sanjeev Kumar noted that this is the first time the European Council has focused on geothermal energy. Geothermal energy offers Europe a particularly attractive path to energy security and autonomy, especially as authorities deal with rising natural gas prices and emission-related taxes on fossil fuels.

"The good news is that as energy prices rise, geothermal prices have remained largely stable because we have no fuel source," commented Sanjeev Kumar.

The Budapest Geothermal Energy Summit has been announced as an official partner event of Hungary's EU Council Presidency, further promoting the momentum of geothermal development. The event will be held on September 20th at the Kempinski Hotel in Budapest.