MONDAY, 15 AUG 2022



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US Invests $280bn In High Tech To Compete With China

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Cyprus Pledges To Contribute To The Supply Of Energy In The European Market

Cyprus Pledges To Contribute To The Supply Of Energy In The European Market

Cyprus will contribute in every possible way to achieve the common goal, so that any gap that appears in the supply of energy on the European market can be covered in a timely manner, underlined Marios Panayides, Permanent Secretary of the Ministry of Energy, Commerce and Industry. Panayides was representing Cyprus at Tuesday's extraordinary meeting of the Energy Council of the EU, in Brussels.

According to an announcement by the Ministry, during the Summit, member states reached a political agreement on the Proposal for a Regulation to undertake coordinated measures, with the aim of reducing the demand for natural gas, to avoid any gap in the supply of natural gas to the EU member states in the coming months. Therefore, a voluntary 15% reduction in natural gas consumption by EU member states is proposed for the period from 1 August 2022 to 31 March 2023.

In his intervention, Panayides referred to the importance of initiatives, both at EU level and in the member states, to strengthen energy security, which will also ensure stable energy supply to vulnerable consumers and businesses. In this context, he informed about awareness campaigns targeting consumers and businesses that are planned in Cyprus in the coming months.

Additionally, he pointed out the importance of exploiting domestic energy sources and accelerating the utilization of renewable energy sources, while also highlighting the need to diversify energy sources through the completion of the necessary interconnections. Concluding, the Permanent Secretary also made special reference to the development of international and bilateral relations with reliable partners, especially in the Eastern Mediterranean region.


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