The decision as to whether producers of Renewable Energy Sources (RES) have made excess profits due to the unexpected increase in the price of electricity, will be taken by the Ministry of Finance beginning of next year. 

Permanent Secretary of the Ministry of Finance Giorgos Pantelis, told CNA that a working group was set up between the Ministry of Finance, the Ministry of Energy, Trade and Industry and the Cyprus Energy Regulatory Authority (CERA) to examine all the existing RES plans currently implemented in Cyprus and their pricing.

He noted that for now the producers' cost is not known. "We need to have the full picture, as we only have data on the revenue of RES producers, who should also submit data on their expenses," he said.

Pantelis explained that it will be examined and taken into account whether the RES producers had increased costs of either personnel, interest or other costs.

"We will have to wait until the end of the year to have the whole picture," he underlined, noting that the working group will continue its work until it has all the necessary data before it.

The decision will be taken beginning of 2023, he told CNA, adding that in the event that excess profits are found, then a fee will be imposed on RES producers that will concern the year 2022.