“The oversimplification of a complex issue with rhetoric that sounds good but lacks substance, targeting one or more participants in electricity generation, and fostering the belief among the public that simple and quick measures will reduce the cost of electricity, are not only misleading—they are also dangerous.”
This is stated in a written declaration by the Federation of Employers and Industrialists (OEB), in response to the statements made by the President of Direct Democracy and Member of the European Parliament, Fedia Panagiotou, regarding a 20% reduction in electricity costs and, more specifically, the sale of electricity from solar farms.
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The Hellenic Federation of Enterprises (OEB) has emphasized “consistently and persistently over the years that the high cost of electricity hinders the country’s development, undermines the competitiveness of businesses, and lowers the standard of living of the population.”
“As is well known, the OEB’s membership includes all major organizations and associations of energy-producing businesses, whether they rely on conventional means or renewable sources. At the same time, the vast majority of Cypriot businesses are members of the OEB; these are electricity consumers, and some of them are major consumers, such as hotels, cement plants, desalination plants, chemical plants, plastics manufacturers, etc.”
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As noted, “consequently, the Hellenic Federation of Enterprises (OEB) has the advantage of knowing the data on both sides of the equation: both electricity producers and consumers. And it is making every effort to design and implement solutions that will relieve the business community—to which it is accountable—of the burden of electricity costs.”
“However, we recognize that no single measure on its own is capable of providing a solution to the problem with immediate or even short-term implementation. Regardless of the causes that led to the current situation, and regardless of responsibility for the government’s past actions and omissions, alleviating the problem of high electricity costs in Cyprus requires a series of actions. These actions include ensuring the effective operation of a competitive electricity market, reducing curtailments of renewable energy production, the introduction of energy storage systems, the modernization of electricity transmission and distribution networks, and the introduction of natural gas—to name just a few. No single measure on its own—not even the country’s electrical interconnection with Greece and Israel—is capable of delivering dramatic reductions in the cost of electricity. On the contrary, it must be understood that the investments required to build the necessary infrastructure will need to be recouped, which in the short term will put additional pressure on electricity prices.”
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The OEB notes that on July 15, 2026, it held a high-level workshop focused on reducing the cost of electricity, attended not only by the leadership of OE, the Minister of Energy and all stakeholders involved in the matter. The workshop’s findings will be discussed in a few days between the OEB and the RAEK, and subsequently with the President of the Republic himself.
“The oversimplification of a complex issue with grandiose but baseless claims, targeting one or more participants in electricity generation, and fostering the belief among the public that simple and quick measures will reduce the cost of electricity, are not only misleading—they are also dangerous.”
