Electricity Authority of Cyprus Annual Report 2007

The accumulation of profit has never been the focal point of the activities of the Electricity Authority of Cyprus. It has never been among the aims of the EAC, and is not among them now. On the contrary, the Authority has always been firmly committed to serving the interests of its customers. This is precisely what the EAC has always tried to achieve through the optimum implementation of its Developmental Programme. Put simply, the aim of the programme is the reliable and unimpeded supply of electric power at the lowest possible price, for the good of the economy and the citizens of this country.  

This introductory statement by the Chairman of the Board of the EAC, Mr Haris Thrassou at the presentation of the annual report for 2007 on Friday 5 December at the Hilton Hotel, demonstrated the essence of the EAC as a public utility company. A company which for 56 years has been unswerving in the service it has provided to the public.

Mr Thrassou described in detail the Authority’s development programme and the other factors which impact on the finances of the EAC. Special reference was made to the problem of the dependence of electricity generation on petroleum derivatives, the long-term policy of maintaining low tariffs, the state’s dividend policy and the unequal tax treatment towards semi Governmental Organisations.

Honouring the event with his presence was his Excellency the Minister of Commerce, Industry and Tourism, Mr Antonis Paschalides, who gave an address.

In his address, the Minister stated that the Ministry’s interest in the Electricity Authority of Cyprus was constant and powerful and related to a number of important issues which have a direct impact not only on the future of the Electricity Authority of Cyprus but also on the interests of consumers, society in general and the economy of the country.

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Press Officer:  5 December 2008