CYPRUS: CSE disappointed after ministry rejects bid to operate electricity market

The Cyprus Stock Exchange (CSE) is deeply “dissatisfied and disappointed” with the approach taken by the Energy Ministry which rejected its bid to act as the country’s electricity market operator.

The CSE, in cooperation with the Hellenic Stock Exchange and the Athens Stock Exchange had submitted a comprehensive proposal to the Ministry of Energy offering all the necessary services for the operation and management of a competitive electricity market in.

In a statement, the Nicosia bourse said its proposal offered significant cost and implementation advantages such as the knowhow and infrastructure of the Greek Energy Exchange that would cover future needs such as buying natural gas.

"While the proposal submitted by the Stock Exchange has received clear support from the overwhelming majority of energy market players, the competent ministry, based on false assumptions and with a foregone attitude, rejected the CSE proposal and, by default, the prospects it could have provided the Cypriot economy."

The Cyprus Stock Exchange is diversifying into the energy sector by acquiring a 10% stake in the Greek Energy Exchange Group (EnEx), the new platform set up for the trade of derivatives and intra-day electricity contracts.