Cyprus faces hurdles with LNG imports like outdated processes, contractor conflicts, and technical glitches at Vasilikos, risking delays and higher costs. The project’s completion is crucial for potential energy savings, but resolving disputes with CPP and navigating complex decisions are key to overcoming these challenges.
Akel demands cheaper electricity in Cyprus by proposing a switch to natural gas, reducing VAT on electricity, taxing windfall profits, promoting renewable energy, and extending electricity subsidies for immediate relief. Stefanos Stefanou urges the government to take swift action to alleviate financial strain caused by escalating electricity costs and increase transparency in energy policy decisions.
In a move benefiting households and businesses in Cyprus, the energy regulator has decided to keep electricity rates stable for 2024, providing financial relief amidst economic challenges. The decision to maintain the same regulated tariffs set for 2023 will offer predictability and stability to consumers, following political pressure on the Electricity Authority of Cyprus to absorb additional costs and invest in energy infrastructure for the island nation’s energy security.
Cyprus is upgrading its electricity grid to reduce energy costs by increasing renewable energy, integrating natural gas and energy storage technologies, and adopting Vehicle to Grid (V2G) technology. The country aims to establish electrical interconnections to become an energy hub, enhancing energy security and fostering a green economy.
