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The President of the Republic Mr. Nikos Christodoulides received this afternoon, at the Presidential Palace, a delegation of the Electricity Market Association (EMA).
After the meeting, Minister of Energy, Trade and Industry Mr. George Papanastasiou told journalists: "Today we had a very constructive discussion with SAI, who was invited by the President of the Republic himself, to listen to the issues of concern.
In addition to these issues, we had the opportunity to discuss the electricity interconnection, gas and the terminal at Vasilikos, as well as the opening of the competitive electricity market.
We had issues related to storage and the distortions that exist at the moment within the whole arrangement around electricity.
But the most important thing that comes out of this discussion, which is of direct interest to SAI members, is the opening of the market.
We strongly believe, and we agree with the Association, that in order for the mix of conventional generation and renewable generation to be able to reduce the cost of electricity at its retail price, these two pillars need to be linked through the competitive electricity market. And this is set to be implemented in July 2025.
The trial period for the systems, to see how the suppliers work, how the whole thing works, the whole electricity market will start from the end of 2024 and will be on trial for six months, so we expect in July 2025 the competitive market to start, which will also reduce the price of electricity.
The other issue that the Association seems to be putting very high on is natural gas, that is, the introduction of natural gas, which will greatly help conventional power generation to produce electricity at much lower costs and, therefore, a lower selling price of conventional electricity.
For the interconnector, SAI is in favour of it, but they would like it to be done in a proper way and with proper implementation so that this electrical interconnection can pay off and help further penetration of Renewable Energy in our country."
Asked how the Government will assist in the investigation by the European Public Prosecutor's Office into the terminal, the Minister replied. It is a sensitive issue. And because a statement has been issued today by the European Union Prosecutor's Office, but also because of these sensitivities, I would prefer not to make a statement."
Asked whether the President of the Republic of Cyprus will request an investigation by the Republic of Cyprus as well, the Energy Minister said: "I believe the President of the Republic knows what to do under the circumstances of the investigation, which is being carried out by the European Union Prosecutor's Office."
Asked to comment on why we did not know anything since the investigation started in March, Papanastasiou said: "Because of exactly these sensitivities. It is not because the government chose to keep it secret. It is because there were certain sensitivities that the government could not have [THE ISSUE] in public debate."
In response to a reporter's remark that the President of the Republic said that the consortium should never have been given this project and now faces criticism from AKEL for being part of the Anastasiades government, Papanastasiou said: "The two are not related. The two are not related. The President of the Republic positioned himself on the basis of what he sees as an outcome. He knew some things now that he is President, not before, and I think the connection between the two is unfortunate."
In response to a journalist's remark that AKEL says there is suspicion of a cover-up, the minister said: "There cannot be a cover-up at a time when the Republic of Cyprus was part of the investigation, which is being carried out by the European Prosecutor himself . So, I think this position is also very extreme."
On the issue of opening up the electricity market, and asked if consumers will be able to freely choose their provider, the Minister said "yes, there will be a competitive market."
On the issue of opening up the electricity market, and asked if consumers will be able to freely choose their provider, the Minister said "yes, there will be a competitive market. So, there will be suppliers and the consumer will choose the supplier", as is the case today in the telecommunications sector.
Asked about this issue, he said that the delay, which was observed, was mainly due to the fact that the system was not ready and the operator himself was not ready to undertake such an obligation.
(PM/AS/MS)
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