Cheaper power sought with opening of market, modernised EAC, president says

The state’s main aim is to lower electricity prices by modernising the electricity authority and facilitating the entry of additional providers, President Nicos Anastasiades said on Thursday.

The president was speaking during a meeting he chaired at the presidential palace on the course of the electricity authority in the new competitive market. Also taking part were Energy Minister Natasa Pilides and Finance Minister Constantinos Petrides.

In a statement after the meeting, Pilides said the meeting aimed to “discuss the opening of the competitive market and providing all the tools to the EAC, so that it can modernize and…be able to provide better services to consumers at the cheapest possible prices.”

The opening of the market is being rolled out for the autumn of 2022, but there are still “too many issues pending” according to Pilides.

“We are entering the final stretch and in terms of the operation of the software system, we will start testing with all the providers in the next period of time, that is, in the spring of 2022, with the aim of having a normal opening in the autumn,” Pilides said.

She added that pending issues have to do with empowerment, especially the sectors of EAC that will have to provide services to all providers.

For his part, Anastasiades said the main concern of the state is the consumer and to reduce, “to the maximum extent possible”, the cost of electricity.

“We will provide the necessary tools to EAC, so that it can proceed with the plans for modernisation and further penetration of renewable energy sources,” he said.

The state will also provide the tools to the competitive market and the market opening project, so that “additional providers can enter the market successfully and for the benefit of the consumer and Cypriot citizens,” the president added.

According to Anastasiade, two providers are already in the transitional market.