Auditor General to Investigate Cyprus Energy Regulatory Authority (RAEK)

The Auditor General of the Republic of Cyprus, Andreas Papakonstantinou, announced that he will launch an investigation into the Cyprus Energy Regulatory Authority (RAEK). Mr. Papakonstantinou raised questions about the delay of the Electricity Authority of Cyprus (EAC) in developing Renewable Energy Sources (RES) and implied that RAEK's decisions, potentially hindering EAC's participation in RES projects due to competition concerns, would be examined. The announcement was made during a discussion on the electricity interconnection and the energy policy of Cyprus in general. The audit will focus on the justification of RAEK's decisions and the proper functioning of the Authority.