Insider Economy New power plant beneficial for Cyprus economy, President says

New power plant beneficial for Cyprus economy, President says

President Nicos Anastasiades, who together with Archbishop of Cyprus Chrysostomos laid on Friday the foundation stone for a new power plant in Vassiliko, Limassol District, has said  that the plant will signal a new era for energy in the country which will have many positive aspects for the economy.

In his address, President Anastasiades said that the “Power Energy Cyprus” plant which is expected to be operational in 2021, is a project of strategic importance for Cyprus since it will be contribute in changing the electricity map of the country and in the significant reduction of electricity prices.

The project which will cost €200 million will use conventional fuel and its funding has been achieved “thanks to the country’s economic and banking sector recovery, a fact which in this specific case proves how useful the existence of healthy banking institutions is.”

The project will radically change and affect positively electricity production and consumption in our country, offering Cypriot consumers not just cheaper electricity but also the possibility of choice between different services on offer, he noted.

President Anastasiades further said that the government’s approach on energy is holistic since “it is going ahead, in parallel, with the necessary processes for the construction of necessary infrastructure in order to import natural gas and use it in electricity production.”

The cost of these investments is particularly high and “this is why I believe that the fact that we have managed to get EU funding of €101 million is a significant success for our country.”

He also pointed out that only through a properly functioning competitive market will consumer rights be guaranteed on electricity services and products through the implementation of the European acquis.

(Cyprus News Agency)

Top Stories

Doctors stop mid-operation, dress patient in operating theatre and discharge him

Unbelievable and yet a now quintessentially Cypriot thing to happen. The incident in question is that doctors at a private hospital in Nicosia stopped...

Economic sentiment in Cyprus deteriorated slightly this September

In September 2020, economic sentiment in Cyprus deteriorated slightly as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.0 point compared to August 2020. According to...

Jiu Jitsu – Distribution for US and Canada set for November

Jiu Jitsu, the first Hollywood movie to be filmed in Cyprus under the incentive plan to promote the audiovisual industry starring Nicolas Cage, Alain...

Mainly fine weather with temperatures to rise for Tuesday

The weather on Tuesday will be mainly fine with temperatures set to rise to 40°C inland, around 35°C in all coasts, and 32°C in...

Man wanted for breaking and entering and vehicular theft (photo)

The man (pictured) is wanted by Police in connection with cases of breaking and entering and vehicular theft committed recently in Famagusta. Specifically, one breaking...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...