Cyprus needs power market overhaul

Cyprus needs power market overhaul

Averof Neophytou, a former presidential candidate in Cyprus, told the Electricity Market Association general assembly on Thursday that the energy sector needs significant investments and, therefore, long-term planning and the formulation of a national energy policy.

He also noted that for the issue of the electric interconnection of Cyprus, cooperation with other island members of the European Union might be necessary to pursue a specific European policy for island countries. “Cyprus, Malta, Ireland, and even Greece with its many islands can collectively advocate for a special policy regarding our energy planning,” Neophytou stated, adding that “with proper national planning, we can transform our country’s disadvantage into a major advantage due to its geostrategic position.”

He also questioned the country’s policy on natural gas: “Since 2011, we have discovered natural gas reserves without benefiting from them, while four different plans exist concurrently: the EastMed pipeline, the MoU with Egypt for gas transportation, the under-construction FSRU in Vasiliko for gas regasification, and now a pipeline from Israeli territories but not from our own to bring gas to Cyprus.”

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