Nicosia eager to see power rates decline
Cyprus’ new Energy Minister George Papanastasiou stated on Tuesday that the government’s goal is to reduce the price of electricity for Cypriot citizens.
“We want consumers to be able to open their electricity bills without fear,” said the newly appointed minister, speaking after the first meeting of the House’s Commerce Committee since taking office.
Papanastasiou emphasized that the goal is to develop the industry with low-cost energy in order to provide competitive products in the Cypriot market and beyond.
The parliamentary debate focused on the establishment of a product price observatory in the retail food sector via an application. The bill is expected to be introduced in Parliament in a month for debate and comment.
The minister commented that this is a tool that will allow for the comparison of product prices. At the same time, he stated that the ministry’s priority will be to reduce the cost of electricity in order to produce a product that is more competitively priced. He described it as a personal challenge: “When I took over this ministry, I made a bet with myself that energy would become cheaper in Cyprus.”
