The Eastern Mediterranean option regarding Cyprus' energy fields and EastMed is a more medium-term option for the EU, as it will take some time to implement the investments needed, Energy, Trade and Industry Minister Natasha Pilidou said today.
Asked after the Cabinet meeting to comment on reports that global energy developments may bring the EastMed pipeline project back on the agenda, Ms. Pileidou said that we certainly hope that the development of the Aphrodite deposit and the other deposits in Cyprus, which can be an alternative source of energy supply to the EU and other markets, will come to the fore.
She added that whether the EastMed pipeline will take place will certainly depend on the confirmed quantities available for export, noting that at the moment certainly the confirmed deposits in Cyprus are not enough, but if there is interest from Israel, then it could be an alternative source of energy supply to the EU and other markets.
She added that whether the EastMed pipeline will take place will certainly depend on the confirmed quantities available for export, noting that at the moment certainly the confirmed deposits in Cyprus are not enough, but if there is interest from Israel, then it could be an alternative source of energy supply to the EU and other markets. Therefore, this is the timetable which is still in place," she pointed out. Pileidou said that the confirmation drilling will be completed around the end of March and an announcement will be made as soon as we have the completion and departure of the drilling vessel.
She added that "we will expect some information from the consortium, which will be more about the quality of the gas that has been discovered. As for the exact quantity, they will still need some time to process the data and we hope that after some weeks of analysis they will be able to inform us more thoroughly and the quantity that has been verified," he added.
Asked where the exploitation of natural gas is stumbling, Pileidou said the main reason why the Aphrodite field has not been exploited to date is that the companies are proceeding according to their contracts and contractual obligations. "So strictly speaking they are not late, they are going by contract," she noted."
She added that the reason why the window of opportunity in implementing the commitments has been exhausted is that the deposit is quite limited in quantity, compared to the investments that need to be made.
This is why Chevron, the new operator of the Aphrodite joint venture, is working on ways to cooperate and find synergies together either with the deposits in Israel and Chevron's operations in Israel, or with other operations in Egypt, he continued.
He said that certainly the latest developments are promising and positive in terms of the need to develop more fields, and that is why we are certainly encouraging the consortium to be more dynamic with its interventions and find the required synergies so that the development can proceed.
Fuel and electricity prices
Asked in relation to the increases in fuel and electricity prices, Ms. Pilidou said that the two grant schemes for energy upgrading of buildings that were approved today by the Council of Ministers as well as all the ongoing schemes, the schemes for the replacement of energy consuming appliances, the Renewable Energy Fund and EE Fund schemes.E for retrofitting in residential buildings and the installation of photovoltaic panels in residential buildings, now with the extension to virtual net metering, which also allows the installation of photovoltaic panels in other places than the roof of the building as far as residential consumers are concerned, will help reduce electricity costs in the long term and is the best method for consumers who have the possibility.
For vulnerable consumers, Ms. Pilidou said that there are special provisions and special companies that are willing with pre-approval from us to make the investment so that vulnerable consumers do not have to pay any amount themselves and the sponsorship is received by the company itself afterwards.
So there are options for everyone, he pointed out, adding that extending the duration of the VAT reduction is something that will help the cost of electricity.
We are also promoting through the passage of the Renewable Energy and EE Fund Bill the reduction for the next period of the consumption charge which will also help reduce costs, he said.
But, she added, such are the increases that the reduction is certainly about restraint and convenience for consumers and not necessarily a reduction compared to what was in place in previous years.
With regard to fuel, the Energy Minister said we are seeing too many fluctuations in prices. The reason why they are not immediately reflected in the price reduction is that the cargoes that come to Cyprus come every few weeks, because of the fact that we are also a small market. So the increase or decrease is not always immediate, she added.
She pointed out that the Ministry of Energy is monitoring very closely and is working on various ideas to optimize both the monitoring and the measures that can be taken when cases of obscenity are detected.
Ms. Pileidou said that there are options in the market, most petrol stations have implemented the reductions and there are isolated cases where it has been found that the reduction in taxes has not been fully passed on to the consumer.
"We therefore encourage all consumers to do some market research, look at the Price Watch issued by the Consumer Protection Agency and choose the most advantageous solutions," she said."
In response to a comment that there have been increases in the same loads, Ms. Pileidou said the increases seen were in the loads that came in based on the prices in effect on the days of receipt.
"They have been checked, we will issue data in terms of exactly what the prices were and why the prices were set the way they were and where they are identified, if irregularities are identified - and so far no irregularities have been identified, the necessary action will be taken," she said.
Source: CNA
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