Energy storage and lower electricity costs discussed in Cyprus
In Cyprus, the Employers and Industrialists Federation (Oev) and the Cyprus Energy Regulatory Authority (CERA) discussed measures to improve the electricity market and gradually reduce electricity costs. The meeting was attended by Oev President George Pantelidis and CERA management, Cyprus Mail reports.
Competitive market issues
The parties reviewed the conclusions of an Oev seminar on reducing electricity costs, which took place on July 15 with the participation of representatives of all interested parties. One topic was the problems that emerged during the first year of operation of the competitive electricity market.
In particular, participants discussed the quality and timeliness of meter data, market settlement procedures, as well as the need for greater transparency and predictability of payments.
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Storage systems and flexible tariffs
They also discussed restrictions on electricity generation from renewable sources, accelerating the development of energy storage systems, and modernizing electricity grids. The use of smart meters and dynamic tariffs was also considered, which, according to Oev, may be useful for businesses and consumers.
Pantelidis stated that coordination and cooperation among all participants are needed to address the problem of high energy costs. The federation believes that wider use of energy storage systems, smarter grids, and more flexible pricing can improve market efficiency and help consumers use electricity more rationally.
