The effective operation of the Competitive Electricity Market was at the centre of a meeting on Tuesday between the Electricity Market Association (EMA), headed by its president, Giorgos Chrysochos, and Energy, Commerce and Industry Minister Michalis Damianos.
According to a statement issued by the association, the EMA presented its positions and proposals on issues affecting the efficient functioning of the market, focusing on challenges that continue to limit the growth of competition and the ability to achieve lower electricity costs for households and businesses.
The two sides also exchanged views on possible policy, institutional and legislative interventions aimed at accelerating market development, creating equal conditions for all market participants and ensuring that private-sector investments in the energy sector benefit Cypriot consumers.
The association stressed that a competitive electricity market operating with stability, predictability and transparency is a prerequisite for the normalisation of electricity prices, the strengthening of energy adequacy and security of supply, the promotion of investment and the achievement of Cyprus' energy and environmental targets.
Taking into account the Ministry of Energy's institutional role in shaping and implementing national energy policy, the EMA welcomed the response of Michalis Damianos, describing the strengthening of a meaningful technical dialogue on issues affecting the market as particularly important.
The association also reiterated its commitment to continue contributing through documented proposals and recommendations, with the aim of promoting close cooperation among all stakeholders and advancing the reforms needed to ensure a more competitive, efficient and sustainable electricity market.
According to the EMA, such reforms would contribute to the gradual reduction of electricity prices for the benefit of the Cypriot economy and society.
Source: CNA.
