Following the energy minister, who sounded the alarm about the risk of electricity shortages, if the project in Vasilikos is not completed by 2029 and we do not have natural gas, and Power Energy Cyprus, the largest private energy investment in Cyprus, is holding the authorities accountable for their responsibilities toward Cypriot consumers.

The company, which states that its power plant can cover approximately 30% of Cyprus’s energy needs, is taking it a step further by bringing the major issue of competition to the table.

“The functioning of a competitive electricity market requires more producers and genuine competition. As long as this is not the case, consumers remain trapped by high prices.”
PEC

Beyond the issue of supply adequacy, Power Energy Cyprus also highlights the significant benefits that the introduction of natural gas will bring to consumers’ wallets.

“It will be able to generate electricity at a cost up to 30% lower than current levels. Until natural gas becomes available, the company has made the necessary technical modifications so that the plant can operate on diesel. This means it can immediately add generating capacity to the grid and help ensure supply, especially during periods of high demand, while also helping to lower electricity prices.”
PEC

“Energy blackmail”

Although we may have avoided a blackout in recent days due to the last-minute cancellation of the EAC employees’ strike, the stance taken by the quasi-governmental organization, according to Power Energy Cyprus, that the EAC, rather than acting in the public interest, is operating with the aim of maintaining its dominant position and monopoly.

“The EAC’s refusal to approve the operation of the pumping station—which was constructed at the direction of the Ministry of Defense in exchange for compensatory measures amounting to 2 million euros— remains the main obstacle to the renewal of the station’s license and, consequently, to its operation. “This prevents the operation of an investment that could strengthen self-sufficiency, increase competition, and reduce the cost of electricity without constantly risking blackouts,”
PEC

In conclusion, Power Energy Cyprus questions whether the EAC and the unions will be allowed to blackmail the government with blackouts in order to maintain their monopoly on the electricity market.

See Nikos Prokommenos’s report: