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12° Nicosia,
15 July, 2024
 
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Cyprus sets course for cheaper electricity in 2025

Energy authority plans competitive market by 2025 to lower costs and boost renewable power

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Energy, Commerce, and Industry Minister George Papanastasiou unveiled Cyprus' ambitious plans for the Electricity Authority of Cyprus (EAC) during a press conference in Nicosia on Tuesday. Emphasizing EAC's pivotal role as the nation's largest energy producer, Papanastasiou announced the introduction of competitive electricity markets set for July 2025.

Against the backdrop of ongoing energy crisis management, Papanastasiou outlined governmental efforts, exceeding half a billion euros, aimed at shielding households and businesses. Measures include extending staggered electricity subsidies until October to alleviate financial burdens.

Looking ahead, Papanastasiou underscored the imperative for EAC to swiftly implement its ten-year network development program and upgrade the Dhekelia power plant. He stressed EAC's potential to lead by example in the forthcoming competitive market, advocating for reduced electricity costs across Cyprus.

"This Organization needs to change," declared Papanastasiou, underscoring EAC's need to adapt and excel in a competitive market environment.

Chairman George Petrou of EAC's Board of Directors echoed this sentiment, highlighting the organization's commitment to maintaining its pivotal role in Cyprus' energy landscape. He emphasized EAC's dedication to transitioning towards green energy and reducing greenhouse gas emissions through expanded renewable energy sources and enhanced energy storage capabilities.

Financially, Petrou reported EAC's robust performance in 2023, with revenues totaling 1.3 billion euros, operating profits of 61 million euros, and a net profit of 36 million euros. Petrou attributed the improved results to tariff implementations and the cessation of a 65% discount on network usage charges.

Adonis Yiasemides, General Manager at EAC, emphasized the sector's global challenges and outlined EAC's commitment to a sustainable future driven by renewable energy projects.

As Cyprus prepares for competitive electricity markets in 2025, EAC aims to lead the charge in energy efficiency and affordability, aligning with broader environmental and economic goals.

[With information from CNA]

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Cyprus  |  electricity  |  energy

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