Cyprus-Crete electricity link should cut costs by 20-25%

The Cyprus-Crete electricity interconnection project could reduce electricity costs by 20-25%, according to Cyprus Energy Minister George Papanastasiou. The announcement was made during a briefing to the Cyprus Chamber of Commerce and Industry (KEBE), but the Minister stressed that achieving this reduction depends on several factors.

KEBE Secretary General Marios Tsiakkis discussed the Minister’s comments on the radio show "DIASPORA NEWS," noting that while the Minister was optimistic about lower electricity costs, the full picture requires combining multiple energy sources.

"The Minister clearly said 'yes' to cost reductions and explained how he expects the lower cost to be achieved," Tsiakkis said. "We feel he provided enough evidence to show that a reduction in the final cost is realistic."

While Papanastasiou didn't offer extensive details, he did provide estimates based on current energy costs. "He gave some numbers, like the cost of producing a kilowatt hour from renewable energy today compared to traditional fuels, and the potential with natural gas," Tsiakkis explained.

The Minister reportedly emphasized that once Cyprus fully integrates renewable resources and natural gas through the interconnection and a planned pipeline, electricity costs should drop.