NICOSIA - The Electricity Authority's new leadership promised on Wednesday to make every effort to reduce the cost of electricity.
Chairman of the board George Pipis said the EAC was set to undergo radical structural changes in 2014 with the aim of smoothly entering a new phase and cutting power costs wherever possible.
Commenting on the government’s strategy for the exploitation of natural gas reserves in Cyprus’ exclusive economic zone, Pipis said the EAC was preparing for this eventuality.
“We may soon be entering a new and competitive environment for energy in Cyprus but we have competent and dedicated employees and the modern technology we need to succeed.”
Asked to elaborate on the EAC’s finances, Pipis said electricity sales in 2013 were down by 30%.