EAC: electricity price reduction impossible without solar parks and gas

The Chairman of the Board of the Electricity Authority of Cyprus (EAC), Giorgos Petrou, stated that no reduction in electricity tariffs should be expected in the near future. According to him, a sustainable price decrease is only possible through the development of large solar power plants and the introduction of natural gas into the country's energy system.

Petrou noted that the company plans to install new generators starting from 2028, which are intended to meet the energy system's needs for the coming years. This year, electricity production has already increased by at least 80 megawatts, which, according to EAC estimates, reduces the risk of power outages.

He emphasized that with the normal operation of the two main substations, no electricity problems are expected; however, some equipment has been in use for over 40 years, creating potential risks. The company states that necessary maintenance has been carried out, and response measures for possible emergencies have been prepared.

Regarding electricity prices, the EAC chairman noted that the reduction in costs is directly linked to the transition to cheaper energy sources. He identified the development of solar generation and the use of natural gas as the main solutions. Until these projects are implemented, no significant reduction in tariffs is predicted.