President Nicos Anastasiades on Friday holds a brainstorming meeting with ministers and officials from energy authorities in a bid to bring down galloping electricity prices amid an inflation tide.
The Presidential Palace meeting which starts at 9:30 in the morning aims to find ways to reduce the price of electricity with the participation of the ministers of finance and energy, the Regulatory Authority (CERA) and the Electricity Authority of Cyprus.
The meeting comes amid protests from consumer associations and unions over the high cost of energy. Along with opposition parties tabling demands for the reduction of taxes burdening electricity, including VAT on the cost of purchasing rights for greenhouse gases.
Main opposition Akel goes as far as to demand for VAT on electricity consumption tax to be abolished.
At the same time, Friday’s agenda will also include the possibility of taxing the profits of some photovoltaic parks.
However, this taxation will not generate significant revenue that can significantly deflate consumer charges.
Around 70% of electricity bills are affected by the price of oil internationally and the greenhouse gas rights purchased by the EAC.
The spike in the price of electricity has put Cypriot families in the poverty zone.