The Government's aim is to reduce the cost of electricity for households and businesses, the Minister of Energy, Trade and Industry, Giorgos Papanastasiou, said on Tuesday, pointing out that the goal is for Cyprus to be in a competitive electricity market by July 2025.
Mr. Papanastasiou addressed a meeting of the Cyprus Transmission System Operator (TSO) for the start of the third Trial Operation Period (TPL) of the Competitive Electricity Market (AAH).
In his statements to journalists, Mr. Papanastasiou said that today is the start of the trial period for the competitive electricity market, noting that "we have set as a goal that a competitive market can work until July 2025".
He further explained that this trial period is necessary in order to be able to confirm that the systems are all working properly and the participants know the procedures so that there are good electricity exchange arrangements, ie electricity generation and sale.
"The DSMC says that a 6-month period can produce these results," said Mr. Papanastasiou and added that "there will be problems, we all recognize that, but through this 6-month process, solutions should be identified and given so that in July 2025 we will be in a competitive electricity market".
He pointed out that the aim of the Government is always to reduce the cost of electricity in the household, to reduce the cost of electricity in the business and by extension the economy can be sustainable, since as he said, without the good of electricity at low prices seriously burden the economy.
In his greeting Mr. Papanastasiou said, among other things, that thanks to the dedication, intensive work and professionalism of all the contracting parties, DSMC managed to overcome significant difficulties, "allowing us today to announce the start of the third trial period of the competitive electricity market".
Addressing the participants, the Minister of Energy said "your response to our call for participation in the third trial period is a clear demonstration of your interest in the operation of a truly competitive electricity market".
"We expect from you the constant response to the requirements of the process, as well as the appropriate preparation within your competences, with the development of the necessary infrastructure and the training of human resources, which will play a decisive role in the operation of the electricity market", he reported.
He noted that the third trial period constitutes the "dress rehearsal", in which all market systems and processes will be tested by inviting all stakeholders to actively participate in these processes and take part in the practical training days that will be held by the DSMK, in order to strengthen the knowledge and understanding of the use of the Market Management System.
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