News Local New year puts an end to EAC's monopoly in provision of electricity

New year puts an end to EAC’s monopoly in provision of electricity

2021 puts an end to the monopoly of the provision of electricity of the Mediterranean island by the Cyprus Electricity Authority, according to Stavros Stavrinos of the Transmission System Operator Cyprus.

Because, he tells Philenews, private electricity supply company Bioland Promithia becomes the first to meet all requirements specified in the Transitional Regulation Rules of the Electricity Market. The contract agreement came in effect as of January 1.

“The operation of Bioland Promithia marks the lifting of the EAC monopoly on electricity supply and the first essential step towards the competitive market,” he said.

“The official operation of the private company is expected around the end of 2021 or the beginning of 2022,” he added.

At the same time, a press release by Bioland Promithia which is a subsidiary of Bioland Holdings Ltd said they aim to become the largest independent supplier of electricity in Cyprus.

The group is already one of the leading providers of renewable energy in Cyprus with vast experience in photovoltaic systems.

“We aim to supply as many electricity consumers as possible with top class service at industry competitive prices,” the press release also said.

“Through innovation, technology and service we intend to efficiently supply consumer energy needs,” it added.

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