Energy Minister: We aim to be in a competitive electricity market by July

Minister of Energy, Commerce and Industry George Papanastasiou said that the government’s ultimate goal is for Cyprus to be in a competitive electricity market by July 2025.

He was addressing a workshop organised by the Transmission System Operator - Cyprus (TSOC) on the launch of the third Trial Period of the Competitive Electricity Market.

Speaking to journalists, Papanastasiou said that today is the start of the trial period for the competitive electricity market, noting that “we have set a target to be able to operate in a competitive market by July 2025.”

He further explained that this trial period is necessary in order to be able to confirm that the systems are all working properly and participants are aware of the procedures so that there are good arrangements for electricity exchange.

"TSOC says that a 6-month period can give these results," Papanastasiou said, adding that "there will be problems, we all recognise that, but through this 6-month process solutions should be identified and provided so that in July 2025 we are in a competitive electricity market."

He pointed out that the Government's aim is to reduce the cost of electricity for households and businesses so that the economy can be sustainable.

In his address, Papanastasiou said, among other things, that thanks to the dedication, intensive work and professionalism of all parties involved, TSOC has managed to overcome significant difficulties, "allowing us today to announce the start of the third trial period of operation of the competitive electricity market."

Addressing participants, the Energy Minister said "your response to our invitation to participate in the third trial period is a clear evidence of your interest in the operation of a truly competitive electricity market."

He noted that the third trial period is the "general rehearsal" in which all the systems and procedures of the market will be tested, inviting all stakeholders to actively participate in these processes and to take part in the practical training workshops carried out by TSOC.

(Source: CNA, Photo: PIO)