Nicosia, Cyprus. Telecoms provider Cyta welcomed a decision by the House of Representatives to approve legislation allowing the organisation to enter the energy sector. Cyta described the move as a pivotal step in its evolution.
Parliament approves expansion into energy market
Cyta said the decision enables it to expand into a new and competitive market, marking a strategic shift in its operations as it adapts to changing economic conditions. The approval followed a majority vote in parliament granting Cyta the ability to expand specifically into renewable energy activities.
Cyta statement and commitments
In its announcement, Cyta expressed its appreciation to MPs from all parties who participated in the process and highlighted the importance of the parliamentary vote. Maria Tsiakka, chair of the Cyta board of directors, said the organisation would work to turn the House’s vote of confidence into a tangible benefit for society, with responsibility and hard work.
Cyta said it will operate with full respect for the new institutional framework governing its activities and the rules of the market. It also reaffirmed its long-standing goal of creating value for Cyprus and its people, positioning its entry into the energy sector as part of that mission.
Amendments and party positions
An amendment introduced by Disy and adopted during the vote clarified that Cyta will not engage in energy production from conventional fuels. Amendments proposed by Akel aimed at introducing additional safeguards were rejected, with the party ultimately voting against the legislation.
Broader context
The move comes as Cyprus seeks to reduce its reliance on fossil fuels and address high electricity costs affecting consumers.
How do you think Cyta’s expansion into renewable energy will affect Cyprus’s energy market?