NewsLocalPresidential Palace meeting on Friday to focus on electricity prices coming down

Presidential Palace meeting on Friday to focus on electricity prices coming down

President Nicos Anastasiades on Friday is holding a crucial meeting with ministers and representatives of authorities  under whose jurisdiction energy comes to ensure that alarmingly high electricity prices in Cyprus come down.

Attending the meeting at the Presidential Palace are the ministers of energy and of finance as well as representatives of the Cyprus Energy Regulatory Authority and Electricity Authority of Cyprus, Philenews reports.

The easiest way towards lowering prices but also the most painful for the state is the reduction of taxes that burden electricity, including VAT on the cost of purchasing rights for greenhouse gases.

This is what opposition centre-right Diko party proposes, along with main opposition Akel’s demand for VAT on electricity consumption tax to be abolished.

Also under discussion on Friday will come the possibility of taxing the profits of some photovoltaic parks. However, this taxation will not generate significant revenue that can significantly differentiate charges on consumers.

Participants are expected to also focus on the more efficient use of state revenues from the auction of greenhouse gas emission allowances, so that these annual revenues end up going towards the relief of EAC customers and not in the financing of state-related activities in the energy sector.

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