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Trade minister, business leaders seek to reduce energy costs

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Trade and Energy Minister George Papanastasiou and the Cyprus Chamber of Commerce and Industry (CCCI) agreed to intensify efforts to reduce electricity prices to enhance Cypriot businesses’ competitiveness.

“We have reached an agreement, which basically sets a timetable to implement things that will address the concerns of CCCI members,” said Papanastasiou after meeting the CCCI board.

He noted the challenges mainly concern energy costs, port fees and other issues related to industry and trade.

Papanastasiou said there would be decisions and projects to solve these problems.

He argued that the private and public sectors should work in the same direction for better results in reducing energy prices and achieving the goal of gas supply to Cyprus.

CCCI President Christodoulos Angastiniotis expressed his agreement and satisfaction with the specific plans and timetables set by the minister.

It proposed implementing a subsidy plan for installing renewable energy storage systems by the Electricity Authority of Cyprus and other suppliers that will join the competitive electricity market.

The Chamber also suggested the reduction of VAT on solar panels, launching incentives for green investments, and purchasing electric cars.

Businesses have been hit by spiralling energy costs triggered by supply chain disruption due to the Ukraine war and sanctions on Russia.