Sir,

There have been a number of reports from time to time over many years about the high cost of electricity in Cyprus.

For example: On January 31, 2025 the energy minister, George Papanastasiou was reported as saying that there will be “No major drop in electricity costs this year”. On May 30, 2025 the same minister was stated as saying that he was unsure whether the opening of Cyprus’ electricity grid to private companies will lower people’s electricity bills.

Why not just privatise EAC and let’s see what comes to pass?

Board membership of EAC seems to be just a job for the boys/girls. 2022 is the last year online, but going back to 2015 and moving forward, there appears to be a consistency of nine board members, but only one seems to have any experience, or knowledge, of the electricity industry. 

In 2015 the chairman, Mr Theodoulou, is down as a “businessman” and the vice chairman, Mr Karantokis, as an “entrepreneur”. Another board member, Mr Athienitis, is also described as a “businessman”. Good to know that the power to ensure I can see at night is in such capable hands.

Regardless, the whole lot were replaced in July 2016, with the new chairman and vice chairman described as “lawyer” and “certified accountant”, respectively. There is even an electrical engineer in the board’s ranks in the shape of Mr Komodromos.

During 2019, there were three chairmen within the one year, although Mr Komodromos, electrical engineer, became the third chairman. Several board members resigned in that year, the first year in which any description of a board member was confined to just “member”, a masterful grasp of the English language.

However, by 2022 there are only three remaining from the 2019 board.

How can such an important, if not vital, entity be run in such a way? Why do those in management (many of whom have the required degrees and institute memberships) never get promoted to the board of directors?

Now for a question I asked many years ago, but to which I never received a reply, although I know what it is.

Knowing roughly how many litres of oil will be consumed in any given year, does the Corporation buy its fuel in advance when the price is low? At the beginning of this month the price of oil was US$61.7 per barrel, down from a peak of US$116 at the end of May 2022 and in June 2020 it was as low as US$36.5 per barrel. At what prices has the Corporation bought its oil in the last, say, five years?

Yours faithfully,

Brian Lait

Maroni