WASHINGTON (ANA-MPA/P. Kasfikis) – [Photo: Ministry of Energy]
Europe’s energy map has radically changed, with Greece emerging as a ‘beacon of stability’ and an energy hub for the greater region, Environment and Energy Minister Stavros Papastavrou said, addressing the CERAWeek 2026 energy conference in Houston.
Papastavrou argued at the leading energy conference that Europe is finally breaking free from its dependence on Russian natural gas and turning to alternative sources, with an emphasis on American LNG and the development of infrastructure, while he also highlighted the role of the Vertical Corridor as a transformative project in the region, and stressed the need for its support by all European Union member states.
Addressing a panel on “The gas bridge: connecting EastMed gas to global markets”, Papastavrou stressed that the idea of ‘cheap’ energy in Europe turned out to be mistaken, as it was not accompanied by security. In terms of the former dependence on Russian natural gas, he said “it is beyond the point of return”, underlining the need to guarantee the shutdown of Russian gas imports through TurkStream, as well as creating conditions for its replacement by American LNG through infastructure and boosting stability and cooperation among Vertical Corridor countries. At the same time, he also pointed out the European Commission’s responsibility to restrict regulatory uncertainty so that the private sector’s trust is boosted.
Papastavrou said the Vertical Corridor contributes to reconnect countries divided by historic and geographic factors, while he noted its connection with the IMEC corridor and the 3+1 initiative with the participation of Greece, Cyprus, Israel, and the United States.
Referring to Greece, he stressed that it is moving ahead in developing the hydrocarbon sector through the cooperation with Chevron and ExxonMobil, expressing the opinion that it can become a producer of natural gas in the coming years.
The panel also included Director-General for Energy at the European Commission Ditte Juul Jørgensen, Eric Eiberg from S&P Global Platts Commodity Insights, and East Mediterranean Gas Forum Secretary General Osama Mobarez.
The energy minister was also interviewed by Bloomberg, during which he pointed out that Greece has accomplished a significant energy transformation, with over 55% of its electricity now originating in renewable sources, over 65% from lignite in 2005. This differentiation, he pointed out, offsets the rise in prices, even if an extended crisis could lead to a rise in energy cost.
“Greece is, in practice, a pillar, if not a beacon, of stability in a very turbulent region,” Papastavrou said, adding that Greece serves as a gateway to American LNG toward southeastern Europe and as an energy hub for the greater region.
