Nicosia: Cyprus Transmission System Operator (TSOC) Director, Stavros Stavrinos, has informed CNA that the Competitive Electricity Market has been operating smoothly since its commercial launch on October 1, 2025. He noted that in the first three weeks of operation, the average price for suppliers was approximately 16 cents per kilowatt-hour (kWh).
According to Cyprus News Agency, the commercial operation of the Competitive Electricity Market began on October 1, 2025, and has not encountered any issues that could disrupt its functionality. Stavrinos highlighted that daily bilateral contracts are submitted by participants in the Forward Market, the Day-Ahead Market is cleared and payments to participants are processed through the Cyprus Stock Exchange, production is scheduled for the following day, and orders are executed in the Real-time Balancing Market.
Stavrinos explained that clearing prices in the day-ahead (wholesale) market are fluctuating at anticipated levels. He mentioned that during midday, when there is a significant supply from Photovoltaic Systems, prices tend to be low or even zero, whereas in the evening, prices are higher.
The TSOC Director stated that during the initial three weeks, the weighted average price of the day-ahead market, which is the average price at which suppliers purchase, was approximately 16 cents/kWh, aligning closely with expectations. He added that TSOC publishes clearing prices in the day-ahead market per half-hour and the corresponding energy quantities on its website.
Stavrinos elaborated that the Competitive Market pertains to the wholesale market, indicating that any consumer benefits will take time to materialize. He expressed that suppliers are expected to gradually adapt their pricing strategies based on signals from the wholesale market.
Furthermore, Stavrinos emphasized that investors can evaluate changes in wholesale clearing prices to assess potential investments in areas such as storage, base units, and flexible units, aiming to implement solutions that will reduce production costs.