The launch of the Competitive Electricity Market is a strategic reform, Government Spokesman Konstantinos Letymbiotis said on Thursday, adding that this is the first step in a broader energy policy plan that the government is implementing with the aim of reducing energy costs.
In statements during a media briefing at the Presidential Palace, the Spokesman said that as of the 1st of October Cyprus has turned a page in the energy sector.
For the first time, he pointed out, citizens and businesses in Cyprus can freely choose their supplier within a competitive environment that includes nine producers.
The Competitive Electricity Market, which is now operational, “is a strategic reform”, he stressed.
Referring to the benefits for the citizen, he said that, from today, they will be able to compare prices, choose the supplier that is most beneficial to them, have access to new products and packages, and even green energy options.
From January 2026, he continued, changing suppliers will be done within 24 hours, at no cost and with complete transparency, while consumers will be able to become active participants in the energy market, either as self-producers from renewable energy sources (RES) or as members of energy communities.
The benefits for businesses are equally important, he went on to say, noting that “the ability to negotiate with more suppliers allows for better prices and tailored solutions, reducing operating costs”.
Letymbiotis added that participation in savings and RES programs enhances the sustainability and competitiveness of businesses.
The Spokesman stressed that the most important is that the Competitive Electricity Market enhances competition and that this is expected to lead to lower prices, but also to innovative services that will adapt to the needs of households and businesses. He added that the dependence on limited suppliers is reduced and the decentralization of production is promoted.
“The government proves once again that with a plan, methodical manner and political will, it can solve chronic problems and implement reforms that improve the everyday life of citizens,” he concluded.
