Liquefied natural gas will lead to substantially lower household electricity bills in Cyprus which now has the seventh highest rate in Europe per kilowatt.
This is what Minister for Energy, Commerce and Industry Natasa Pilidou has told CyBC TV.
“The decrease in electricity bills is actually estimated by experts to be around 15% to 20%,” she added.
Cyprus is a rare bright spot for LNG trade amid the demand destruction and project delays that the Covid-19 pandemic has wrought in the industry.
Construction started in July on the EU-funded Cynergy floating storage and regasification unit and LNG terminal project.
It will bring first gas, energy diversification, greater supply security and reduced carbon emissions to the island from 2022.
“The electricity price reduction will have a positive impact on consumers and businesses,” the Minister said.
The cost of electricity affects the competitiveness of a country and its industry, she added before assuring that the action plan for the supply of natural gas is proceeding according to schedule.
The project will allow the state monopoly over electricity generation to be broken and will foster growth of sustainable energy sources.