Cyprus faces soaring energy costs as government criticized for failing to secure natural gas and renewables
Cyprus is grappling with high and rising energy prices, prompting criticism of the government’s handling of the crisis. Fidias Panayiotou, leader of Direct Democracy Cyprus, addressed the European Parliament stating that the government has failed its citizens by not securing sufficient natural gas imports and renewable energy storage, leading to dependence on fossil fuels. He highlighted that about 20% of electricity bills are due to CO2 emission costs under the EU emissions trading system (ETS).
Panayiotou urged the EU to provide emergency relief and reduce CO2 emission fees during the ongoing energy crisis, emphasizing the financial burden on Cypriot households. This call aligns with similar requests from other European leaders seeking temporary suspension or adjustment of ETS to alleviate energy costs across the continent.
Cyprus’ Energy Minister Michael Damianos also called for increased EU support to mitigate the crisis, while President Nikos Christodoulides defended government efforts, citing over one billion euros in investments to address external fuel price pressures. Meanwhile, global energy markets show tentative relief as the Yemeni government retakes a key oil chokepoint, potentially easing crude supply constraints.
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