On Thursday, the House of representatives unanimously passed a bill that reforms the regulation of the electricity sector, paving the way for cheaper and cleaner energy.

In a written statement, Energy Minister George Papanastasiou, welcomed the vote with “great satisfaction”, calling it a key moment in the government’s efforts to create a transparent energy system that serves all citizens.

At the heart of the new law is a major change for the Cyprus transmission system operator (TSO). For the first time, the operator will be allowed, under specific conditions, to develop and manage electricity storage units. This centralised storage system is expected to deliver multiple benefits.

According to the minister, storing electricity will help Cyprus increase its use of renewable energy. This move will not only make the country’s power supply greener but also reduce electricity prices for everyone. It will also boost energy stability and independence, especially during peak demand or when solar and wind energy are wasted during low demand periods.

Other key changes in the new legislation focus on protecting consumers and giving them more control over their energy use.

Citizens will now have the right to share renewable energy they generate with others. This could reduce household costs significantly, especially in residential communities.

Consumers will also be allowed to sign more than one electricity supply contract. This means they can make flexible agreements based on different needs or locations, as long as they use a single connection point for their installations.

The law introduces safeguards to ensure continued access to affordable electricity, especially during energy price crises.

New fixed-term contracts will protect consumers from sudden price increases, offering stability for families and businesses.

Papanastasiou ended his statement by thanking the members of the House committee on energy, commerce, industry and tourism for their constructive discussions. He also expressed his appreciation to the House for its unanimous support.