*Press Release

The smooth operation of the Competitive Electricity Market was the focus of the meeting of the Electricity Market Association, led by its President, George Chrysochos, and the Minister of Energy, Trade, and Industry, Michalis Damianou.

The meeting took place at the Association’s initiative on Tuesday, July 21, 2026, in a particularly constructive atmosphere. In this context, the SAE presented its positions and recommendations regarding issues affecting the effective functioning of the market, focusing on the challenges that continue to limit the development of competition, as well as the potential to achieve lower electricity costs for households and businesses.

At the same time, there was an exchange of views on potential policy, institutional, and legislative measures to accelerate market maturation, to create a level playing field for all participants, and to leverage private-sector investments in the energy sector for the benefit of Cypriot consumers.

The SAE emphasized that a competitive electricity market that operates with stability, predictability, and transparency is a fundamental prerequisite for stabilizing electricity prices, strengthening the country’s energy sufficiency and security, as well as promoting investment and achieving Cyprus’s energy and environmental goals.

Taking into account the institutional role of the Ministry of Energy in shaping and implementing the country’s energy policy, the CEA welcomes the response from the relevant Minister, as it considers it particularly important that a substantive technical dialogue on issues of concern to the market has been strengthened. At the same time, it reaffirms its long-standing commitment to continue making a decisive contribution through well-documented proposals and recommendations, with the aim of fostering close cooperation among all stakeholders to advance the necessary reforms that will ensure a more competitive, efficient, and sustainable electricity market, and, by extension, the gradual reduction of prices for the benefit of the domestic economy and Cypriot society.