Commerce Minister, Antonis Paschalides stated on Wednesday that EAC must tidy up its finances, within the framework of the ceremony for the signing of the contract of installation of photovoltaic systems in schools, governmental buildings and camps.

With reference to the issue with the Energy Regulatory Authority of Cyprus (PAEK) and the sale price of electricity, the Minister said that the Authority is a very significant organization for the island’s economy and stressed that the Ministry had urged EAC for a better “tidying up” a year ago.

On the question how EAC will tidy up its finances, Mr. Paschalides said that there are specific proposals and recommendations and stressed the need for an increase in productivity and a drop in operating expenses.

Invited to comment on the statements of PAEK Chairman, Costas Ioannou, who clarified that if the operating expenses won’t drop, EAC will not increase the bills, Mr. Paschalides said that the Ministry received a letter by PAEK and has already called for a meeting in less than 15 days.

On the question whether EAC prices will be increased, the Minister avoided answering since the data are currently under evaluation.

Invited to clarify when he will have a meeting with PAEK Chairman, Mr. Paschalides said that this will take place next week.