The President of the Republic, Nicos Anastasiades presided today at the Presidential Palace, a meeting with representatives of RAEK and AHK,[/B] at which the problems arising for businesses and households,[/B] and especially for vulnerable groups of the population, from the increases in electricity prices were discussed.[/B] In this context, issues concerning the electricity distribution system and the further penetration of Renewable Energy Sources in electricity generation were also discussed.
The meeting discussed in detail the strategy followed with the cooperation of the stakeholders, which will progressively contribute to the Government's efforts to implement sustainable solutions that will address the ongoing pressures caused by the new global economic crisis on electricity prices.
It was also stressed that a key pillar of the strategy is the acceleration of Cyprus' decoupling from conventional fuels in conjunction with the short term measures that have been implemented and the Sponsorship Plans that have been granted or are currently open to the public or planned to be announced in the near future.
The meeting was attended by the Minister of Finance Mr. The following decisions were taken as a result of the meeting:[/B]
1) With the cooperation of the stakeholders, the investment activities of AHK should be accelerated in order to upgrade the network of the organization in a way that will make it more efficient and flexible.
As a result of the meeting, the following decisions were taken.
2) It was agreed to strengthen the staffing of AHK in order to proceed with the process of upgrading the Agency's network.
3) In the framework of the green transition policies promoted by the Government, an allocation of €80 million from European funds will be used for investments in large-scale energy storage systems.
The above three measures will allow a faster penetration of RES in the energy mix of Cyprus and therefore there will be environmental and economic benefits.
4) The Ministries of Energy, Finance and RAEK will study the possibility of imposing a tax or levy on any excess profits of Renewable Energy producers.
5) New measures that could be implemented after the current measures expire on August 31 will be evaluated, including the possible granting of vouchers to economically vulnerable households to address energy poverty, also in line with the European Union's toolkit which gave guidance to Member States to relieve consumers from fuel price increases.
6) Regarding the increase in the share of RES generated by AEC, a plan will be prepared by electricity transmission and distribution operators and submitted to RAEK for approval. The aim is to create a sustainable plan for AHK's participation in RES.
7) Conducting a public education and information campaign on the options and ways to save energy.
It is noted that the budget for the year 2022 for energy installation and energy upgrading of households and businesses amounts to EUR 100 million.
Also still in force until 31 August is the imposition of reduced VAT on electricity at a rate of 5% for vulnerable households and 9% for other household consumers.
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