Cyprus's first private power station to reduce electricity prices

The foundation stone for the new Power Energy Cyprus Ltd (PEC) power plant in Vassiliko was laid Saturday by Cyprus President Nicos Anastasiades.

It is the first private power station in the works and will make use of conventional fuel, primarily natural gas and oil. The power plant is expected to be up and running in 2021 and is expected to drastically change the Cyprus electricity supply market.

Currently the state run Electricity Authority of Cyprus holds a monopoly in the market, with a few producers generating electricity by means of photovoltaic parks.

In his speech President Anastasiades said that the project will contribute to Cyprus's economic growth but also contribute towards a significant reduction in the price of electricity.

"'It is therefore with great pleasure and satisfaction that I see the start of such a project, which I must...