The Cyprus Chamber of Commerce and Industry (CCCI) said that reducing energy costs is a long-standing demand of the business community and, at the same time, a key prerequisite for improving competitiveness, supporting households, and attracting new investment to the country. It noted it is following the public debate currently underway regarding the issue of the cost of electricity in Cyprus.
The CCCI adds that it considers addressing the issue to require a coherent energy policy plan with clear priorities, timelines, and measurable results.
"The challenges Cyprus faces in the energy sector are well known and are linked to the particularities of the country's electricity system, its dependence on imported fuels, the cost of emissions, and delays in the implementation of major energy projects"
In this context, CCCI reiterates the need to accelerate specific reforms and interventions that can contribute substantially to the gradual reduction of electricity costs:
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Accelerating the arrival and utilisation of natural gas for electricity generation.
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Faster development of electricity storage infrastructure to maximise the utilisation of Renewable Energy Sources.
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Upgrading and modernising electricity transmission and distribution networks.
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Reducing restrictions and curtailments in energy production from photovoltaic systems.
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Accelerating the full operation of a truly competitive electricity market model.
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Strengthening investment in energy efficiency projects for businesses and households.
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Simplifying the licensing procedures for energy projects and RES projects.
"The discussion on energy costs must focus primarily on the policies and reforms that can produce permanent results for the benefit of the economy and society. The country needs decisions that will strengthen energy security, create conditions of healthy competition, and allow the gradual reduction of electricity costs for businesses and consumers," it further points out.
CCCI concludes that it will continue to submit well-documented proposals and cooperate with all competent bodies, with the aim of a more efficient, more competitive, and more economical energy system for Cyprus.
(Source: InBusinessNews)
