Cyprus Mail

Association of electricity investors urges members not to sell licences

A business group representing private investors in power generation warned its members to refrain from selling licences in their possession months before the market’s liberalisation, citing the risk of falling victim to scammers.

“It has come to the association’s attention that recently various nefarious characters try to convince holders of, or applicants for, electricity generation licences awaiting approval in the near future, to enter deals including the sale of their licences, the signing of binding contracts or investments,” the Cyprus Free & Competitive Energy Market Business Association (CFCEMBA) said in an emailed statement on Tuesday.

The CFCEMBA, which represents licenced investors in projects estimated at 600Mw in renewable and conventional power generation, said that investors should bear in mind that “the final landscape that will determine the new competitive energy market is still in preparation at all levels and is expected to take its final shape over the next few months”.

“Various rumours, presentations or interpretations of this landscape beyond what the Cyprus Energy Regulatory Authority (CERA) announces is risky,” the association said. “There will be soon reliable official announcements by CERA and other licenced bodies”.

The group added that minor investors or holders of small-scale generation licences could be conned into acting against their interests and should therefore demonstrate self-restraint and patience for a few more months.

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