During the plenary session of the House of Representatives, the issue of taxing the unexpected profits of energy companies resurfaced among MPs, in the context of discussing the Cyprus Energy Regulatory Authority (CERA)'s budget. The CERA budget was unanimously approved with 38 votes in favor.

CERA's budget for 2024 is deficit-incurring, forecasting total expenditures of €5,710,717 and revenues of €2,684,331. These revenues will primarily come from the imposition of annual fees for operating licenses for electricity generation and supply stations, application fees for electricity storage installation licenses, participation in European programs, and interest income from the Authority's term deposits.

The total expenditures for CERA in 2024 are projected to be about 35% higher compared to the corresponding expenses in 2023. The budget deficit of €3,026,387 will be covered by the Authority's cash reserve, which consists of accumulated surpluses from previous years.

AKEL MP Andreas Kaukalias reminded the assembly that CERA had supported the taxation of unexpected profits of energy companies, particularly those not reinvested in the green transition. Mr. Kaukalias noted that the previous government protected these companies, resulting in significant unexpected profits, and expressed hope that the new government would act differently. He also mentioned that AKEL's proposal for taxing these unexpected profits is pending.

DIPA MP Alekos Tryfonidis also advocated for the taxation of these unexpected profits for the benefit of society, citizens, and businesses.

DIKO MP Chrysis Pantelides recalled that just two days ago, the government announced measures concerning energy. He also reminded that next week, a bill allowing the implementation of the "Photovoltaics for All" scheme, which he described as the biggest innovation in domestic solar energy in Cyprus, is heading to the plenary.

DISY MP Onoufrios Koulla stated that if there is consensus, AKEL's proposal for taxing the windfall profits of energy companies should proceed. He expressed hope that this proposal would be viable and effective.