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20 May, 2024
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'Energy prices in Cyprus must decrease,' says Minister

Energy Minister, George Papanastasiou stated, 'We are realistic, we know the difficulties, we have the knowledge and the solutions that we will evaluate'

Maria Eracleous

Maria Eracleous

"We want consumers to be able to open their electricity bills without fear," said newly appointed Energy Minister George Papanastasiou. Speaking after the first meeting of the House Commerce Committee since taking office, new Energy Minister George Papanastasiou stated that the government's goal is to reduce the price of electricity. He emphasized that the goal is to develop the industry with low-cost energy in order to provide competitive products in the Cypriot market and beyond. The Parliamentary debate focused on the establishment of a product price observatory in the retail food sector via an application. The bill is expected to be introduced in parliament in a month for debate and comment.  The Minister responsible commented that this is a tool that will allow for the comparison of product prices. At the same time, he stated that the Ministry's priority will be to reduce the cost of electricity in order to produce a product that is more competitively priced.

No timetable

"When I took over this ministry, I made a bet with myself that energy would become cheaper in Cyprus." -George Papanastasiou, Energy Minister

He described it as a personal challenge. "When I took over this ministry, I made a bet with myself that energy would become cheaper in Cyprus."

When asked to provide a specific timeframe for achieving this goal, he stated that he would be able to provide answers in the near future. "The vision is for cheap electricity; the path will be difficult; we will investigate alternatives and decide what will bring this vision to fruition. We are realistic; we understand the challenges; we have the knowledge and solutions; and we will evaluate and implement those that are shorter and result in cheaper electricity."

He also stated that conventional and renewable energy generation must coexist and that the goal is to increase the use of photovoltaic systems in parks and homes.

[This article was translated from its Greek original]

Cyprus  |  energy  |  inflation

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