The operation of the first power plant by a private initiative will mark the beginning of a new era in the energy sector and contribute to significantly lower electricity prices, President Nicos Anastasiades said after laying the foundation stone for the plant at Vassiliko.
At a cost of some €200m, the plant of Power Energy Cyprus (PEC) is due to be completed late 2020 or early 2021. Chairman of Cyfield group of companies which will construct the plant, Kyriacos Chrysochos, said it would have the capacity to produce 260 MW and would be able to serve up to a third of the current needs of the country.
The station will operate with a new combined cycle technology, with two gas turbines, which will burn natural gas, and a turbine to convert emissions into steam and use it for extra electricity.
The power generated from the new plant will be available through the electricity authority's grid, while the network will be managed by an independent authority, the Cyprus Transmission System Operator.