Electricity market association disputes Fidias Panayiotou's claim on power bill reductions

On August 24, 2026, the Cyprus Association of Electricity Market (SAI) publicly disputed claims made by Fidias Panayiotou, President of the Immediate Democracy party, regarding potential 20% reductions in household electricity bills. Panayiotou had challenged President Nikos Christodoulides to intervene, arguing that photovoltaic parks sell electricity at 25-30 cents per kWh despite a production cost of only 5-7 cents. He contends that regulating these profit margins could immediately lower consumer costs.

In response, the SAI stated that Panayiotou's proposal lacks documentation and fails to account for the actual mechanics of the power market. The association noted that commercial photovoltaic parks account for only about 6.4% of total traded energy, making the promised 20% bill reduction mathematically impossible. Furthermore, renewable energy producers have rejected allegations of profiteering, emphasizing that operating expenses, investment financing, and mandatory production curtailments must be factored into financial assessments. The debate remains ongoing as stakeholders highlight the need for evidence-based discussions on Cyprus’s high energy costs.