President: Lowering electricity prices goes through the LNG operation
19/3/2024 9:10
The goal of reducing the price of electricity goes through the operation of the LNG terminal, said on Saturday the President of the Republic, Nikos Christodoulides, who visited the gas terminal in Vassilikos, in view of the resumption of construction works.
Accompanied by the Minister of Energy, George Papanastasiou, President Christodoulides said that he is visiting the site to show in practice the Government's satisfaction with the results of yesterday's consultation between the Minister and the company and to be informed "on how work is starting again and how soon it can be completed".
One of the main goals of the Government and more specifically of the Ministry of Energy, said President Christodoulides, is to lower the price of electricity.
"The terminal's operation is a key component towards what we want to achieve, what we have promised the people and we will do so, to lower the price of electricity, along with other actions that we as a Government are already taking measures, such as renewable energy," he said.
He also said that the Government is taking other actions regarding the need for electricity interconnection. "We are working on several pillars, and a key pillar is the operation of the terminal," he noted.
To a journalist's comment on the LNG unit, President Christodoulides said that "it is part of the whole effort". "And yesterday some decisions were taken on how to proceed in the immediate future, and we will discuss all this again today with both the Minister and the company," he added.
Speaking to CNA on Friday, Minister George Papanastasiou said the CPP-METRON CONSORTIUM LTD will resume its works on Saturday. The consortium had undertaken the construction of the LNG import terminal at Vassilikos, in Larnaka district.
The project was supposed to be delivered in September 2022 but, after three delays, it is now scheduled to be delivered in July 2024. The process was terminated pending arbitration between the Republic of Cyprus and the consortium.
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