The government is behaving as if there were no problem whatsoever with energy costs in Cyprus

 

25 August 2026, AKEL C.C. Press Office, Nicosia

At a time when six EU countries are calling for a permanent framework for taxing windfall profits in the energy sector, at a time when Cyprus continues to be among the countries with the highest electricity prices, at a time when renewable energy companies are raking in profits from energy production, the government is acting as if there is no problem whatsoever with energy costs in Cyprus.

This is not a new problem, but people remember that Nicos Christodoulides was elected on a program of reducing electricity prices. He must therefore explain why, to this day, prices remain sky-high and renewable energy companies – just like the banks – continue to rake in super-profits.

AKEL will not back down, even if it repeatedly finds itself up against the well-known lobby of the banks and renewable energy companies. It will reintroduce the bill proposals – which it tabled in Parliament some time ago – for the taxation of the windfall profits in the energy sector, but also of the banking sector as well; AKEL will continue to campaign for a permanent reduction in VAT on electricity to 5 per cent and for the use of the revenues from emissions charges to tackle energy poverty.