On the initiative of the Employers and Industrialists Federation (OEB), a High-Level Workshop on the reduction of electricity costs in Cyprus was held, bringing together around the same table the main institutional and business bodies of the energy sector.*
The aim of the Workshop was to develop a meaningful and constructive dialogue on the most important issues affecting the cost of electricity and the competitiveness of the Cypriot economy, with an emphasis not only on recording the existing challenges, but mainly on achieving convergences and formulating common approaches to address them.
During the Workshop, the smooth operation of the Competitive Electricity Market, the treatment of production cuts from Renewable Energy Sources, the development of energy storage systems, the advent of natural gas, as well as the modernization of electricity networks were examined. Opinions and suggestions were submitted for actions that can contribute to the improvement of the functioning of the market and the gradual de-escalation of electricity costs for households and businesses.
OEB expresses its warm thanks to all participants for the high level of dialogue. Addressing high energy costs is a common challenge and requires coordination, cooperation and determination from all stakeholders involved.
In the context of the pursuit of finding effective ways to reduce energy costs, a meeting between OEB and the Cyprus Energy Regulatory Authority will follow, with the aim of presenting the conclusions of the Laboratory and exchanging views on the recommendations formed.
*List of Participants
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- Ministry of Energy, Commerce and Industry (YEEB)
- Federation of Employers and Industrialists (OEB)
- Directorate of the Electricity Authority of Cyprus (EAC)
- EAC Production
- EAC Procurement
- Cyprus Transmission System Operator (TSOC)
- Market Officer (LA)
- Distribution System Operator (DSO)
- Electricity Market Association (PSA)
