NICOSIA, Oct. 2 (Xinhua) -- Cyprus has officially launched a competitive electricity market, a move Energy Minister George Papanastasiou said would help gradually lower costs for consumers and accelerate the country's energy transition, the Cyprus Mail reported on Thursday.
The minister emphasized that competition would also strengthen the role of renewable energy. "Through competition, we want to see cost-reflective electricity production and a higher share of renewables in the energy mix," he said.
The decision to liberalize the market was taken in 2019 but its implementation was delayed until this year. Under the new framework, households and businesses will be able to choose among several suppliers, including the state-run Electricity Authority of Cyprus (EAC).
The system, operated by the Transmission System Operator, will function as an electricity exchange. Suppliers will purchase power on a half-hourly basis from various sources, with prices determined in a stock market-style process.
In a statement, the EAC said it was ready to "enter the new era," noting that it had invested in infrastructure and adopted best practices to adapt to the competitive framework.
Analysts view the reform as a key step for Cyprus in aligning with European Union energy policies while ensuring more affordable electricity for consumers. ■
