The government is trying to strangle the Cyprus Electricity Authority by dipping into its reserves

Statement by AKEL C.C. Spokesperson Stefanos Stefanou on the Cyprus Electricity Authority’s budget

AKEL C.C. Press Office, 4 March 2019, Nicosia

From the debate today on the budget of semi-governmental organization Cyprus Electricity Authority (AHK) in the Committee on Financial and Budgetary Affairs of the House of Representatives, two key conclusions emerged:

The first conclusion is that citizens are paying a heavy price for electricity due to the government’s erroneous decisions and actions on the issue of the coming of natural gas and electricity power generation. Despite the fact that the government had announced that in 2015 Cyprus would be selling natural gas, we have now reached 2019 and still nothing has been done. And from what it seems with all the procedures being followed, neither will the goal of the advent of natural gas for electricity purposes in 2020 be fulfilled. One realizes that since electricity power generation relies on oil and fuel oil, the price of electricity will remains high.

The second conclusion is that, although we are at a very critical juncture with regards electricity power generation, and AHK must make serious investments in order to be sustainable in the competition, the government is actually seeking to strangle AHK, dipping into its reserves by decision of the Ministerial Cabinet. This intention of the Government will not permit AHK to make the necessary investments in the power generation sector and for AHK to be able to penetrate into the renewable energy sector. Even the government-appointed Board of AHK disagrees with this government decision. The government must change its decision otherwise it will commit a crime against AHK, citizens and at the expense of Cyprus.