Modernization of EAC and more independent energy providers, says Anastasiades

Cyprus President Nicos Anastasiades said on Thursday that the government will provide all necessary tools to allow the Electricity Authority of Cyprus (EAC) to modernize its operation, as well as to encourage even more independent energy providers to operate in the Cypriot market.

President Anastasiades was speaking during a meeting he chaired at the Presidential Palace on the EAC`s progress towards the new competitive environment, which was also attended by Minister of Energy, Commerce and Industry, Natasa Pilides and Minister of Finance, Constantinos Petrides, a presidency press release said.

He assured that the government`s main concern is to provide electricity to consumers at the lowest possible cost.

“We will provide the necessary tools for the EAC to move forward with its modernization and for independent energy providers to permeate further in the market”, said the President, adding that the aim is to attract more providers, other than the two that are already operating within the transitional market.

In statements after the meeting, Pilides also said that the goal is for the EAC to be able to provide consumers with better services at a lower cost.

She added that the preparation of the operating system is in the final stages and trials with the providers are expected to begin in the Spring of 2022, with a view for the market to open in the Autumn.

Pilides also mentioned that there are a few issues pending, regarding the strengthening of certain sectors of the EAC, which will provide services to other providers.