New Cypriot government’s first priority is to reduce electricity costs

New Cypriot government first priority reduce electricity costs

Photo: Presidency of the Republic of Cyprus


March 2, 2023






March 2, 2023





The primary concern of the government of new Cypriot President Nikos Christodoulides is to reduce electricity costs, Minister of Energy, Commerce and Industry George Papanastasiou said. In the transitional period toward green energy, the country will have to use natural gas, he pointed out.

Minister of Energy, Commerce and Industry Natasa Pilides handed over the duty to her successor George Papanastasiou. The business executive received the portfolio as a member of new Cypriot President Nikos Christodoulides’s government.

“Without cheap energy, you cannot have a good and stable economy,” he stressed, adding that the cabinet’s primary concern is to lower electricity costs to help the industry and the economy. Cyprus needs to shift to green energy, Papanastasiou said.

Papanastasiou The results in the energy sector haven’t been so good, due to external factors

“However, until we get to green energy, we will have to go through a transition period in which we will use natural gas,” the minister pointed out. The fuel will probably come “from the region,” he asserted, apparently hinting at Israeli offshore gas, Phileleftheros wrote.

While the industry and trade are doing very well in Cyprus, the results in the energy sector haven’t been so good due to external factors, George Papanastasiou said. He vowed to make the goals realistic and measurable.

Pilides noted that the ministry has secured EUR 590 million for projects and grants for the period 2021-2027.

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