Cheaper electricity should be priority

The Cyprus Chamber of Commerce and Industry (CCCI) backs the government’s priority to import natural gas to produce cheap electricity, which has become unaffordable.

CCCI President Christodoulos Angastiniotis discussed cheaper energy in a Tuesday meeting with President Nikos Christodoulides.

The meeting was also attended by the Minister of Finance, Makis Keravnos.

On utilisation of natural gas, Angastiniotis said the government’s priority is correct for natural gas deposits within the EEZ to come to Cyprus so that cheap electricity can be generated.

“The deposits we have, exceed the needs of Cyprus, so we will not disappoint our partners, Israel and Egypt.”

He said that Cyprus’ needs do not exceed 20-22% of the discovered deposits that remain untapped.

“First, we will bring natural gas to Cyprus for power generation and then or at the same time; the process will be carried out to put forward its commercialisation”.

Angastiniotis said the cost of electricity for households and businesses is “unacceptably unaffordable.”

Nicosia wants to establish itself as a gateway from east Mediterranean gas resources to Europe via a shipping corridor of LNG carriers.

Authorities want to transport natural gas via pipeline from fields in the eastern Mediterranean to the island for domestic conventional power generation, with an additional LNG facility to process for European markets.

The East Mediterranean has yielded some of the largest natural gas discoveries in the past decade.

Cyprus reported its first natural gas discovery in 2011, though it has yet to enter production.