The Cypriot government has set a goal to reduce electricity costs for households and businesses while transitioning to a competitive electricity market by July 2025, as announced by Minister of Energy, Commerce, and Industry George Papanastasiou.

Speaking at a workshop organized by the Transmission System Operator-Cyprus (TSOC) to mark the launch of the third trial period of the Competitive Electricity Market, Papanastasiou emphasized the importance of this transitional phase to ensure all systems function correctly and participants are well-acquainted with the processes required for electricity exchange.

The trial period, which began on Tuesday, is expected to last six months and will allow stakeholders to address and resolve potential challenges. The aim is to identify solutions during this period, ensuring readiness for the full implementation of a competitive electricity market by mid-2025.

Papanastasiou highlighted that the government's primary objective is to lower electricity costs, contributing to the sustainability of the economy. The minister acknowledged the intensive efforts of TSOC in overcoming significant obstacles to reach this stage and initiating the third trial period.

During the workshop, he described the third trial period as a "general rehearsal" for testing all market systems and procedures. He encouraged active participation from all stakeholders and urged them to take part in the practical training workshops offered by TSOC. These workshops are designed to prepare participants for the market’s operational framework and ensure smooth implementation.