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Next 7 decisions to deal with electricity price hikes HOME • INSIDER • CYPRUS • 7 decisions to deal with electricity price hikes
Seven decisions concerning the “future” of electricity in Cyprus are the “conclusion” of the wide-ranging meeting at the Presidential Palace under the President of the Republic and the representatives of CERA and EAC. The meeting was attended by the Minister of Finance Mr. Konstantinos Petridis, the Minister of Energy, Trade and Industry Ms. Natasa Pileidou, the Deputy Minister to the President Mr. Petros Dimitriou and officials.
Six-month delay in the market electricity The platform for a competitive electricity market is ready At the Ministry of Energy, the progress in opening the electricity market KEBE: Full speed ahead for the new electricity market model in Cyprus < p>As a result of the meeting, the following decisions were taken:
1) With the cooperation of the involved bodies, the investment activities of the EAC to upgrade the organization's network in a way that will make it more efficient and flexible.
2) It was agreed to strengthen the staffing of the EAC, so that the process of upgrading the Organization's network can proceed.
3) In the context of the green transition policies that promote the Government, will be utilized from European funds, a fund of 80 million Euros for investments in large energy storage systems.
The above three measures will allow the faster penetration of RES in the energy mixture of Cyprus and therefore there will be environmental and economic benefits.
4) The Ministries of Energy, Finance and CERA will study the possibility of imposing a tax or fee on any excess profits of producers of Renewable Energy Sources.
5) New measures that could be implemented after the expiry of the existing measures that expire on August 31 will be assessed, including the possible granting of vouchers to financially vulnerable households to tackle energy poverty, in line with the European Union's toolkit which provided guidance to the member states for consumer relief from fuel price increases.
6) Regarding the increase in the percentage of RES produced by EAC, a plan will be drawn up by the electricity transmission and distribution managers which will be submitted to CERA for approval. The goal is to create a sustainable EAC participation plan in RES.
7) Carrying out a campaign to educate and inform the public about the options and ways that will lead to energy saving.
It is noted that the budget for the year 2022 for the installation of energy and the energy upgrade of households and businesses reaches 100 million Euros. The imposition of a reduced VAT on electricity at a rate of 5% for vulnerable households and 9% for other domestic consumers is also still in force until August 31.