Politis

Energy Minister: Vasiliko is the Only Way for Cheaper Electricity

Published February 16, 2026, 12:24
Energy Minister: Vasiliko is the Only Way for Cheaper Electricity

The Minister of Energy, Michalis Damianou, admitted that the prospect of cheaper electricity in Cyprus remains dependent on the arrival of natural gas and the completion of the unfinished natural gas terminal in Vasiliko. He stressed that the project in Vasiliko is a “one-way street” to be completed, but avoided giving new timelines, noting that the government will not make “political timelines”. Regarding the arrival of natural gas, the Minister clarified that Cypriot gas is expected to be channeled to Egypt in 2027-2028 and not to the domestic market, adding that revenues will not be enough to significantly affect the price of electricity in Cyprus. Mr. Damianou emphasized the importance of energy storage, stressing that photovoltaics alone cannot reduce the cost of electricity. Solar energy storage can replace more expensive and polluting fuels during the evening hours. In addition, the Minister stated that the GSI interconnection is a project of energy security and not price, and that the cost will be borne by consumers. In conclusion, he admitted that decisions should have been made 15-20 years ago, but assured that the procedures are “running” to achieve the goals.