Competitive Electricity Market Launches in Cyprus on October 1st

The Competitive Electricity Market (CEM) in Cyprus commences commercial operations on October 1st, with 17 participants. The final step before the launch was the signing of the accession agreement to the contractual framework of electricity market rules by the participants on September 26th and 27th.

According to statements by the Director of Electricity Market Operations of the Cyprus Transmission System Operator (TSM) Konstantinos Varnavas, 17 participants have joined the market, including producers, suppliers, and aggregators of RES. EAC Production and EAC Supply are also participating, with special regulations due to their dominant position in the market.

The first commercial transactions will take place on October 1st, following a trial operation period that began on January 7, 2025. The electricity market includes the Forward Market, the Day-Ahead Market, and the Real-Time Balancing Market.

Mr. Varnavas stated that the benefits of the competitive market will not be immediately visible to consumers, but it is necessary for further actions to benefit them. Suppliers will be able to offer tariffs tailored to customer needs, while consumers will have more choices and the ability to change the time of consumption to take advantage of low prices.

The TSM has secured and operates the Market Management System (MMS) and the Market Control Center.