The Cyprus Chamber of Commerce and Industry (CCCI) is calling for specific reforms and measures to be accelerated to help gradually reduce energy costs, stressing that electricity prices remain a critical issue for the competitiveness of the Cypriot economy.
“Reducing energy costs has been a long-standing demand of the business community and is also a key condition for improving the competitiveness of the economy, supporting households and attracting new investment to the country,” the CCCI said in a statement.
The chamber said tackling the issue requires a comprehensive energy policy plan with clear priorities, timelines and measurable results.
CCCI outlines key measures
The CCCI said Cyprus’ energy challenges are linked to its dependence on imported fuels, the cost of emissions and delays in implementing major energy projects.
It called for:
- Accelerating the arrival and use of natural gas for electricity generation.
- Speeding up the development of electricity storage infrastructure to maximise the use of renewable energy sources.
- Upgrading and modernising electricity transmission and distribution networks.
- Reducing restrictions and curtailments affecting electricity production from photovoltaic systems.
- Accelerating the full operation of a genuinely competitive electricity market model.
- Strengthening investment in energy-efficiency projects for businesses and households.
- Simplifying licensing procedures for energy and renewable energy projects.
The CCCI said advancing these measures would help address the structural challenges affecting energy costs while supporting the wider competitiveness of the Cypriot economy.
Also read: Fuel price increase in Cyprus remains below EU average
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