Newsroom
Cypriot households already struggling with some of Europe’s highest electricity bills are being told they’ll have to wait even longer for relief, as delays and political wrangling over the Vasiliko energy project threaten to keep prices high for at least three more years.
Former ruling party leader and current MP Averof Neophytou sounded the alarm Thursday, saying indecision and mismanagement have left the project bogged down, with taxpayers now on the hook for tens of millions in extra costs.
In a social media post, Neophytou recalled warning back in 2024 that scrapping the original subcontractors would backfire. “The wrong decision will ultimately cost the Cypriot taxpayer at least €30 million more, just for the marine and land infrastructure. And I wish it were only €30 million,” he wrote.
According to Neophytou, an additional €50 million or more has already been spent without the project moving forward. “A year later, the delays, the postponements, the minister’s ‘I said – I didn’t say,’ and the broken assurances that Vasiliko would be completed within 2025 are beyond imagination,” he said.
The Vasiliko facility was meant to bring natural gas to Cyprus and cut down electricity prices by replacing expensive, dirtier fuel oil. But with the project stalled, consumers are left paying inflated bills driven by global oil prices, costly carbon emission penalties, and an overreliance on outdated infrastructure.
“We are heading towards the end of 2025, and they are even telling us to change course,” Neophytou warned, accusing the government of “wrecking public projects” through poor management.
The government has said it remains committed to finishing Vasiliko, but with deadlines slipping and costs ballooning, consumers see little short-term relief. For many households and businesses, that means another round of tough electricity bills, and growing frustration over why promises of cheaper power keep fizzling out.
