Reduction of electricity costs a priority, says new Energy Minister

One of the first priorities of the new administration will be to reduce the cost of electricity, in order to help the industry and the economy reach the potential “they deserve”, new Minister of Energy, Commerce and Industry Giorgos Papanastasiou said on Wednesday.

Addressing the handover ceremony at the Ministry, in Nicosia, by the outgoing Minister Natasa Pilidou, Papanastasiou referred to a transitional period, towards green transition, during which there will be the use of natural gas “probably from the region.”

“Without cheap energy, you cannot have a solid economy,” he said and noted that this endeavor will be among the first issues, aiming at a low-cost electricity production that will help the economy.

Referring to the program of the administration of the new President, Nikos Christodoulides, the Minister said it contains very concrete targets. “We will try within the next few months to start implementing this program. We have no time to spare,” he said and asked the Ministry’s personnel to “roll their sleeves up and work.”

Speaking about commerce and industry, the new Minister noted the “very good results” he said however that “in the energy sector we may not have performed as well” due to external factors. The Minister pledged to bring in expertise and speaking about his own contribution, he said that “we will make sure to provide solutions there as well.”

Papanastasiou said finally that the people had very high expectations and “we should not let them down.”

Taking the floor, Pilidou expressed her confidence that the new Minister will be able to tackle the challenges with great success.

She thanked President Anastasiades for entrusting her first with the Deputy Ministry of Shipping and then with the Ministry of Energy and referred to the difficulties that arose in the past 2.5 years, due to the pandemic and the energy crisis as a result of Russia’s invasion to Ukraine.

There have been great strides in industry and commerce, she said and referred to the sector’s great potential, expressing hope that there will be positive results in the next few years.

We have secured €590 mln in total for the program period 2021-2027 for projects that need to be implemented and for grant schemes, thus providing you with the resources you need to make a difference, she concluded.