The Employers and Industrialists Federation (Oev) and the Cyprus Energy Regulatory Authority (CERA) have discussed measures to improve the electricity market and gradually reduce energy costs, Oev said on Wednesday.

The meeting brought together Oev president George Pantelides and senior CERA management to review the conclusions of a high-level workshop on reducing electricity costs organised by Oev on July 15, which was attended by representatives of all relevant stakeholders.

The discussions focused on issues that have emerged during the first year of operation of the Competitive Electricity Market, including the quality and timely availability of meter data, market settlement procedures and the need for greater transparency and predictability in charges.

The two sides also discussed ways of addressing renewable energy production curtailments, as well as accelerating the development of energy storage systems and the upgrading of electricity networks.

The use of smart meters and dynamic tariffs was also examined, with Oev stating that these measures could help deliver benefits for both businesses and consumers.

“Coordination and cooperation among all stakeholders are essential for addressing the high cost of energy,” Pantelides said.

Oev said the meeting formed part of its efforts to follow up on the issues identified during the July workshop and promote measures that could improve the functioning of the electricity market.

The federation has been pushing for changes aimed at making electricity costs more manageable for businesses, while also addressing technical and regulatory issues affecting the operation of the market.

It said greater use of energy storage, smarter electricity networks and more flexible pricing could contribute to a more efficient market and help consumers make better use of electricity.

Oev added that it would continue taking initiatives and putting forward proposals that could lead to tangible results for the economy and society.

Finally, the federation said its aim was to ensure that discussions with the relevant authorities translated into practical measures capable of improving market conditions and gradually reducing energy costs.