High electricity costs addressed though synergies

Cyprus is focusing on establishing synergies to cover local energy needs aiming to decrease electricity costs, President Nikos Christodoulides said on Sunday.

The two pillars of the country’s energy planning have been discussed with Egypt and Israel and more details are expected to be released in the near future.

The first pillar concerns ways to address the high cost of electricity in the island. The second sees Cyprus seizing the opportunities arising within the framework of the European Union’s effort to stop relying on Russian gas, the president explained.

“Very soon we will publish specific timetables and a road map on how we are reaching the goal I mentioned before, for an internal market and utilisation for the EU,” Christodoulides said.

He added that he recently met Chevron executives to discuss developments on the natural gas while a specific workshop is to be held on Monday on the issue.