Cyprus processing EC measures to deal with electricity prices

Cyprus is processing the proposals of the European Commission regarding ways to deal with rising electricity prices, Energy Minister Natasa Pilidou said on Saturday.

According to the minister, the Cyprus energy regulatory authority (Cera) has also begun to “process some ideas in relation with these measures so that we are properly prepared for the extraordinary meeting of EU Energy Ministers on October 26”.

“We hope that our suggestions will be targeted, focused on the goal which is the reduction of the cost of electricity for the benefit of the consumer,” Pilidou said.

She added that the increase and the impact on other goods is concerning, which is an international phenomenon.

The country “adopted some measures long before most EU countries,” Pilidou said, referring to the 10 per cent discount for the four months until February, as well as additional measures which were suggested by the EU. The measures include the support of vulnerable consumers, tackling energy poverty, and replacement of energy-intensive appliances among others.

The possibility of EU support will be discussed at the meeting later this month, but “we do not know yet whether specific [financial] aid will be given or simply tools that we can use with our own funds,” the minister said.