The Cypriot electricity market will open its electricity market to competition by liberalising at least 35% of the market by 2007.
Applying European Union directives, the Cyprus electricity market will have to be completely liberalised in the next five years. The government also intends to support renewable energy with permits for two wind farms already issued and a further four under consideration.
Costas Ioannou, chairman of the Regulatory Authority on Energy, has been reported as saying that 15 applications have already been received from companies interested in the island’s energy market. The Electricity Authority of Cyprus currently holds the state monopoly.