EU Energy Ministers to Sign Declaration on Energy Cooperation in June

State Secretary of the German Ministry for Economic Affairs and Energy Rainer Baake said that Germany and 12 EU energy ministers plan to sign a joint declaration on energy cooperation.

BERLIN (Sputnik) – Germany and 12 EU energy ministers plan to sign a joint declaration on energy cooperation, in early June, State Secretary of the German Ministry for Economic Affairs and Energy Rainer Baake said on Wednesday.

Baake pointed that the EU ministers agreed to follow common principles, including cancellation of price caps or interference in energy trading.

"This draft says clearly that we may have different national policies but we agreed on some principles and one of them is no price caps. No direct or indirect price caps. And no interference in energy trading," Baake said at the opening session of the third annual Energy Security Summit in Berlin.

The Wednesday meeting's keynote speech is centered around an ambitious goal of creating an EU Energy Union, its potential benefits and the biggest challenges.

The two-day energy security summit aims to look into the current political and strategic challenges, focusing on ways to diversify energy supplies using green technologies, as well as the "new order of energy policies and markets."

The event comes amid deteriorating relations between Russia and the West, which prompted EU members to look for alternative energy sources.