The Regulatory Authority for Energy of Cyprus (CERA) has imposed an administrative fine of €100,000 on the Cyprus Transmission System Operator (TSOC). This action addresses the handling of ongoing issues related to the high-voltage underground cable ring in the urban area of Nicosia, which constitutes a violation of the operator's license terms and the Electricity Market Regulation Law of 2021.

In its announcement, CERA states that it has completed the investigation of a potential violation that began on July 8, 2022.

CERA asserts that the amount of the fine is deemed "reasonable, fair, and proportional," considering the nature, severity, and duration of the violations. It notes that mitigating factors, such as TSOC's demonstrated intention to comply and objective reasons that contributed to the violations beyond the operator's control, were considered in determining the fine.

Furthermore, CERA announces that it has decided to instruct TSOC to undertake all necessary actions for strict adherence to the implementation schedules of projects aimed at resolving issues with the cable ring. These projects are outlined in the approved Ten-Year Transmission System Development Plan 2023-2032 and its approved modification.

Regarding issues identified in the Report that fall outside TSOC's control and pertain to the responsibilities of the Ministry of Energy, Commerce, and Industry, CERA notes that it has forwarded the Report in its entirety to the Ministry on October 4, 2023. Actions are anticipated, and CERA has proposed the establishment of a one-stop shop for significant Transmission System projects as categorized in the 2023-2032 Plan. This would allow for a special expedited licensing procedure by the relevant governmental authorities.