Taxpayers in Cyprus are facing the financial fallout of the delayed LNG terminal project in Vassiliko, as failed negotiations have led to increased costs. With soaring electricity bills and the unfinished infrastructure, citizens are left wondering about the full extent of the financial burden they will bear.
The Cyprus Electricity Authority (EAC) has approved €45 million for energy infrastructure upgrades, including new substations, transformers, and a substation at Limassol port. These improvements aim to enhance power distribution and promote sustainable energy in Cyprus, marking a significant investment in the country’s energy sector.
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 considering a significant investment in the EuroAsia Interconnector, a project that aims to connect the electrical grids of Cyprus, Greece, and Israel via a subsea cable. The Cypriot government may invest €100 million to coown a new company managing the CyprusCrete segment, contributing to regional energy security and sustainability.
President Nikos Christodoulides is set to meet with officials from the Independent Power Transmission Operator (ADMIE) to discuss the EuroAsia Interconnector project, which aims to connect Cyprus to Greece and Israel, ending the country’s electrical isolation. The project, backed by a €657 million grant from the EU, is expected to enhance energy security, potentially reduce electricity costs, and is designated as a Project of Common Interest, highlighting its importance for the Eastern Mediterranean energy infrastructure.
