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ECONOMY

Lakkotrypis Calls on Investors to Consider Electricity Market

Lakkotrypis Calls on Investors to Consider Electricity Market

Cyprus Energy Minister Yiorgos Lakkotrypis called on possible investors to consider the Cypriot electricity market in view of its liberalisation in July next year, the Cyprus News Agency reports.

“We hope the electricity market will become a new sector of economic activity and we call on investors to seriously consider the opportunities provided by the sector,” Lakkotrypis said addressing the opening ceremony of the Save Energy exhibition organised by the Employers and Industrialists Federation.

The Cyprus Energy Regulatory Authority (CERA) has proposed liberalisation of the Cyprus electricity market by July 1, 2019.

The Ministry in collaboration with CERA and the Cyprus Transmission System Operator promotes the processes aiming to create the conditions that would enable a substantive competition in the island’s electricity market, Lakkotrypis said.

“The aim of a competitive market is none other than lower electricity bills,” Lakkotrypis said.

Therefore, we are promoting processes that would simplify the licensing of new projects and render their financing easier, he said.

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