MEP Fidias Panayiotou's initiative sparks call for independent audit of Cyprus electricity prices
MEP Fidias Panayiotou's proposal to reduce electricity prices by 20 percent in Cyprus has ignited a heated debate among the government, professional bodies, and market stakeholders, particularly concerning photovoltaic parks' pricing. While some calculations require correction, the central issue remains why Cyprus, with abundant solar resources, has some of the highest electricity costs in Europe.
The initiative has prompted calls for a comprehensive and independent audit of the entire electricity value chain in Cyprus. Experts emphasize the importance of transparency, urging authorities to provide detailed data on where consumer payments are allocated across generation, fuel, emissions, renewables, networks, and regulated charges. This audit should be conducted by an impartial international firm with full access to market data.
A key focus will be on conventional oil-fired generation costs, renewable energy curtailments, supplier margins, and the effectiveness of competition in the electricity market. The goal is to identify inefficiencies, excessive returns, and opportunities for cost reduction through modernizing the grid, integrating natural gas, energy storage, and better demand management. Such an approach aims to produce a roadmap for genuinely lowering electricity prices in Cyprus.
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