The government of Cyprus has liberalized its electricity market in a bid to increase competition and reduce energy costs.
Government spokesperson Konstantinos Letymbiotis called the launch of the Competitive Electricity Market a “strategic reform” and the first step in a broader energy policy aimed at lowering prices.
As of Oct. 1, consumers and businesses can choose from nine electricity providers operating in a newly competitive environment. Letymbiotis said the reform marks “a new chapter” for Cyprus’ energy sector.
Starting in January 2026, customers will be able to switch suppliers within 24 hours, free of charge and with full transparency. Consumers will also have access to new products, pricing packages and green energy options.
Letymbiotis said the reform empowers households and businesses to compare prices and select the most suitable provider. He added that users generating their own renewable energy or participating in energy communities will become active players in the market.
“The ability to negotiate with more suppliers leads to better prices and tailored solutions, helping businesses cut costs,” he said.
The spokesperson emphasized that increased competition is expected to drive down prices and encourage innovative services that better meet consumer needs.