Vital energy infrastructures, such the Great Sea Interconnector (GSI) between Israel, Greece and Cyprus, must be protected and the European states need to cooperate in this regard, Energy Minister George Papanastasiou has said.

Papanastasiou reiterated past statements made that an electrical interconnection would lift Cyprus’ energy isolation and bring a competitive electricity market to the island.

Affordable energy must be ensured the minister told his EU counterparts, and he expressed concern about the pegging of renewable source (RES) electricity prices to those of energy from fossil fuels.

The minister made his statements while participating in a “friends of renewable energy sources” group, on the sidelines of an informal EU Council meeting in Warsaw, which concluded on Tuesday.

In his address, Papanastasiou underscored the need to strengthen the European single energy system and its resilience, and emphasised the crucial role played by electrical interconnections towards this end.

He said regulations for net-zero emission technologies and critical raw materials, as well as projects of common European interest, were key to achieving energy security and climate goals.

Elsewhere, the minister said more investment is required in storage for RES production, transmission and distribution networks.

A meeting is due to take place between the island’s electricity authority (EAC) and the energy regulator to find a formula to bring down prices for consumers.

Government spokesman Konstantinos Letymbiotis had said the global drop in oil prices afforded leeway for reductions in the cost of electricity.

Data released by Eurostat in May, showed that Cypriots pay the second-highest rates for electricity in the Europe when adjusted for spending power.

Earlier in January, Papanastasiou had said a substantial drop in electricity prices was “impossible”, that consumers needed to adjust their expectations and that he did not expect “miracles” despite the introduction of the trial phase of the competitive electric market, set to last through July.