The Government focuses on ways to provide relief for vulnerable groups, due to the energy crisis, Cyprus President Nicos Anastasiades said on Wednesday, while receiving the annual report of the Cyprus Energy Regulatory Authority (CERA) for 2021, at the Presidential Palace.

Members of CERA Andreas Poullikkas (Chairman), Philippos (Alkis) Philippou (Vice-Chairman) and Neophytos (Akis) Hadjigeorgiou (Member), who were present, had the opportunity to inform the President on matters concerning the electricity market, natural gas and the Cypriot economy in general.

As mentioned in a press release issued by the Presidency, handing over the report, Poullikkas, said that 2021 was a peculiar year. "With the recovery from the pandemic, the prices of natural gas in Europe increased and at the same time the prices of greenhouse gas emissions rights also increased, which is why there was an increase in electricity bills", he said.

Poullikkas noted that 2022 is much more difficult, due to the war in Ukraine adding that now Europe is in energy crisis and more specifically in a natural gas crisis. However, in Cyprus, he said, the installed capacity of renewable energy sources has increased greatly and "it has doubled compared to 2018." Regarding the competitive electricity market in Cyprus which is a harmonizing obligation, Poullikkas said that all the work has been completed. He also added that natural gas prices have dragged down oil prices as well, noting that CERA monitors the decisions of the European Council and the measures it recommends.

For his part, the President of the Republic congratulated CERA for its work and said, among other things, that the tariff policy in Cyprus "is better than in other countries in Europe, although the cost is high." It is important to see how the liberalization of the market is accelerated, and this depends on strengthening the electricity grid and storage systems, he added.

He also added that the whole effort should be "focusing on how we manage to increase the relief we provide for vulnerable groups, while the European Council is also working in this direction". Speaking about the EuroAsia Interconnector, the cable that aims to connect the electricity grids of Cyprus, Greece and Israel, President Anastasiades said the project is a "revolution"  and when implemented in 2027, it will lift the energy isolation of the Republic of Cyprus and strengthen Cyprus's position in relation to Europe.