*Press Release

The Electricity Market Association (SAI) highlighted the need to accelerate the necessary reforms that will lead to a substantial reduction in electricity costs for households and businesses and the creation of a truly competitive electricity market. Specifically, the Association participated in the workshop organized by the Federation of Employers and Industrialists (OEB) on Wednesday, July 15, with the participation of the Minister of Energy, Commerce, and Industry, Mr. Michalis Damianou, as well as all relevant stakeholders active in the energy sector and the electricity market.

The main objective of the workshop was to foster a constructive dialogue on the challenges and solutions that will lead to a substantial reduction in energy costs in Cyprus. In particular, the discussion focused on key aspects of the energy transition and the electricity market, such as the development of energy storage infrastructure, reducing curtailments of renewable energy generation, implementing dynamic pricing, and accelerating critical energy infrastructure projects and reforms.

In addition, the SAE highlighted the key problems and distortions identified to date in the Competitive Electricity Market, noting that these limit the ability of independent suppliers to serve more consumers at lower and more competitive prices. At the same time, it emphasized the need for immediate intervention by the Cyprus Energy Regulatory Authority (RAEK) to address these significant issues and ensure the smooth and efficient functioning of the market.

The Electricity Market Association considers it of paramount importance that all stakeholders participated in a rational public debate, jointly contributing to the development of a modern framework aimed at creating a truly competitive, efficient, and sustainable electricity market. This workshop serves as an important starting point for effectively addressing the long-standing issues affecting the electricity market and energy costs in Cyprus.

Addressing these challenges requires consistency, cooperation, and an ongoing exchange of views among the government, regulatory authorities, and all stakeholders. To this end, the CEA will seek to continue this initiative, with the aim of promoting the necessary reforms that will enhance competition, improve market functioning, and lead to more affordable electricity costs, for the benefit of Cypriot society and the economy.