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Global News Through a Greek Lens
Global News Through a Greek Lens
A major shift is coming to Cyprus’ electricity market as a new European directive forces changes to the current pricing system. By law, consumers will soon have the right to choose not only their electricity provider but also a fixed-price contract for a set period – offering stability in a market often impacted by fluctuating fuel costs.
The directive applies to electricity suppliers serving more than 200,000 customers or those holding a dominant position in the market. In Cyprus, this primarily concerns the Electricity Authority of Cyprus (EAC), which currently passes on the cost of imported fuel and carbon emission fees to consumers.
Unlike some other European countries, Cyprus does not have a fully competitive electricity market where prices fluctuate dynamically throughout the day, allowing customers to switch providers freely. This means the country must comply with the directive and introduce fixed-rate contract options.
The Ministry of Energy, Trade and Industry has drafted a law to bring national regulations in line with the EU directive, and the proposal has been published on the government’s consultation website (e-consultation.gov.cy) for public feedback.
https://www.ekathimerini.com/economy/1260576/cyprus-power-market-set-to-open-up/