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electricity prices

natural gas electricity prices

How Natural Gas Could Reduce Electricity Prices

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Switching to natural gas could save Cyprus €400 million annually, reducing electricity costs by 3540%. European gas prices have dropped, but Cyprus’s delays in leveraging LNG imports have hindered potential savings, highlighting the need for resolving issues with the Vasilikos facility to secure a stable supply and transition to natural gas.

renewable energy funding

Potential EIB Funding for Cyprus Electricity Interconnection

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The European Investment Bank (EIB) is considering funding for the EuroAsia Interconnector, a subsea power cable to connect Greece, Israel, and Cyprus, with the potential to lower electricity costs in Cyprus. The EIB’s decision hinges on the project’s alignment with renewable energy goals and infrastructure needs.

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