X. Greek for electricity: Prohibition of support measures

What the hydrocarbon expert said

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Hydrocarbons expert Charalambos Ellinas described the support measures announced by the Government on Friday to reduce electricity prices as "prohibitive".

Speaking on the program of SPORT FM 95.0 "DISPARATION OF NEWS", Mr. Ellinas emphasized that something much more important than what was announced must be done and wondered why the tax is not reduced from 37% to 20%, as was done in Greece. As he said, although the budget for 2022 predicted a deficit of 1.3%, there is now a surplus of 1%, with the difference coming from energy taxes and the collection of polluter costs.

Asked if we are paying for age-old mistakes and omissions, Mr. Ellinas answered in the affirmative, saying that Cyprus should have been much further ahead in the matter of photovoltaics. He expressed the belief that there are knee-jerk reactions rather than an energy plan, emphasizing that priority should be given to the transition to renewable sources which, if done correctly, will yield a significant economic benefit. "We have to go the European way to benefit," he said.

Regarding the fuel situation, Mr. Ellinas said that the increase in prices will continue until the end of the year, adding that it will be some time before investments return and the shortage is replenished. In conclusion, Mr. Hellinas said that the situation with natural gas is worse, with prices remaining high until 2026, which will bring about greater increases in the price of electricity up to 25%.