A growing debate has emerged over the anticipated reduction in electricity prices in Cyprus through the adoption of natural gas in power generation. While previous assessments have been largely qualitative, our study provides clear, quantitative analysis to address the question: How much would today’s retail electricity price decline if sufficient quantities of natural gas were available for use at the Vasilikos power stations?

Current Pricing Structure Explained

The current retail rate for household consumers is a composite of several cost components, including the cost of electricity production, network usage, ancillary services, fuel adjustments, and value-added tax. Under the existing conditions at the Vasilikos plant—which predominantly relies on steam turbines and combined cycle units fueled by a blend of fuel oil—the final household electricity price is calculated at approximately 28.3 cents per kilowatt-hour. This figure is underpinned by key data points such as:

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• An average fuel heat value of 40 GJ/tonne for the current mix.
• Vasilikos contributes 86% of Cyprus’ total thermal generation.
• Detailed cost structures that incorporate both fuel and operational elements.

Technical And Economic Assumptions For Natural Gas

In projecting the impact of integrating natural gas, the study incorporates several technical and economic assumptions that include:

• A thermal value for natural gas of 52 GJ/tonne.
• Revised operational efficiencies: approximately 40% for steam turbines and 52% for combined cycle units.
• Consideration of three LNG price scenarios – low, intermediate, and high – with the baseline set at $12 per MMBTU, reflective of current European market trends.
• A price adjustment premium of €1.5-2.0 per MMBTU to recover infrastructure investments and operational costs associated with LNG regasification.

These assumptions are aligned with industry benchmarks and recent market developments, ensuring that the analysis remains both realistic and robust.

Quantitative Impact On Retail Electricity Prices

The central finding of the study is clear: replacing the current fuel blend with natural gas could reduce retail electricity prices by roughly 17%, from 28.3 to about 23.4 cents per kilowatt-hour. The shift in the cost structure is notable—while fuel and emissions currently account for 40% of retail prices, the introduction of natural gas would reduce this share to approximately 27% under the baseline LNG scenario. In alternative LNG price environments, fuel costs would represent 23% to 34% of the retail rate.

These changes imply meaningful cost savings for households and enterprises, contributing not only to reduced energy expenditures but also to the mitigation of inflationary pressures.

Long-Term Implications And Broader Benefits

Beyond the immediate price benefits for consumers, the integration of natural gas carries significant environmental and operational advantages. The adoption of a cleaner fuel is expected to lead to a 33% reduction in CO2 emissions at Vasilikos, along with notable declines in other harmful pollutants such as nitrogen oxides and particulates. Moreover, the enhanced efficiency of natural gas-fired plants could boost the overall productivity of Cyprus’s power generation sector.

While net metering households may realize only marginal benefits—given their already reduced energy costs—larger industrial and commercial consumers could experience improved competitiveness through lower production expenses and more favorable power purchase agreements.

Conclusion And Future Outlook

Under current market conditions, the immediate integration of natural gas could yield a reduction in retail electricity prices by 15-20%, a benefit that, although moderate, has positive implications for both the cost of living and broader economic stability. Looking ahead, additional advantages are likely as Cyprus leverages increasing LNG availability and further refines its infrastructure, potentially enhancing the cost benefits and environmental gains over time. In the long run, domestically sourced natural gas might offer even greater reductions, although this possibility remains subject to significant uncertainties and requires further study.

Key Insights

• This analysis provides transparent, quantitative evidence on the potential reduction in retail electricity prices through natural gas integration.
• The shift to natural gas is estimated to lower prices by approximately 17% for the majority of household consumers.
• Reduced fuel and emissions costs, coupled with improved plant efficiency, underpin the projected savings.
• Additional benefits include improved air quality and enhanced operational productivity in the power sector.
• Future cost benefits may be amplified through strategic negotiations and increased LNG supply, though these outcomes depend on market dynamics and infrastructure development.

Introducing Enhanced Payment Verification

All banks operating in Cyprus and throughout the SEPA zone will implement a new verification service in October 2025. This initiative, known as the Verification of Payee (VoP) service, is designed to fortify electronic payment security by ensuring that the beneficiary’s name correctly matches the associated IBAN.

Aligning With European Payment Security Strategy

The Association of Cyprus Banks confirms that the VoP service is a critical element of the European strategy aimed at unifying and safeguarding payment processes. The regulation mandates that payment service providers incorporate a verification mechanism before processing transfers. This not only reduces errors but also assures both citizens and businesses that transfers reach the intended recipients without compromise.

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Streamlined Verification Process for Modern Banking

The enhanced system will verify beneficiary details within seconds in both standard and instant euro payment channels across all SEPA countries. Applicable to both individual and corporate accounts, the service is delivered free of charge. When a customer initiates a payment through internet or mobile banking, the standard entry of an IBAN and beneficiary’s name will trigger an immediate cross-check against the beneficiary bank’s records.

Three-Tiered Response System

The verification process returns one of three outcomes. A full match permits seamless processing, whereas a close match—often due to minor discrepancies such as spelling errors—will prompt a warning and offer the correct suggestion before proceeding. In instances where the entered details do not align with the bank’s records, the customer is strongly advised to recheck the information to avoid misdirected funds.

Mitigating Risk and Fortifying Trust

In cases where verification is inconclusive—resulting from technical challenges or inactive accounts—customers will be alerted to the uncertainty, thereby prompting risk assessment prior to continuation. By reducing errors and potential fraud, the VoP service strengthens overall trust in electronic transactions.

Strategic Industry Collaboration

The European Payments Council, headquartered in Brussels, has played a pivotal role in developing and promoting the VoP service. Its contributions, including informative educational resources, have supported banks, businesses, and consumers alike in adapting to this new security framework. Meanwhile, Cypriot banks are actively implementing the necessary technical adjustments to ensure the service is accessible through all SEPA payment channels by October 2025.

A New Era of Secure Banking

This strategic move underscores the Cypriot banking system’s commitment to aligning with EU initiatives aimed at creating a unified, fast, and reliable payments market. By embedding advanced verification protocols into daily transactions, the industry not only protects its clientele but also sets a precedent for enhanced digital payment security across Europe.

Cyprus: A Dual Pillar In Financing And Maritime Excellence

Cyprus has emerged as a strategic nexus for investors and industry leaders, boasting a robust fund framework alongside a globally acclaimed ship management center. Michalis Vasiliou, Executive Director at H.M. Pelagic Partners Ltd and Board Secretary at the Cyprus Investment Funds Association, highlights how the island’s unique duality positions it at the forefront of merging alternative credit with maritime financing.

Alternative Credit: A Force Reshaping Europe’s Fund Industry

Alternative credit, one of the fastest growing segments in Europe’s fund landscape, is drawing increased attention. With global private credit markets surpassing USD 2.1 trillion, as based on IMF estimates, investors are keen to connect capital with real-economy initiatives. This financial instrument offers flexible financing solutions, essential as banks recalibrate amid tightening regulatory norms. The European Central Bank has recognized that private credit now plays a crucial role in complementing traditional bank lending, a shift further bolstered by a moderating cost of capital in both Europe and the United States.

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Maritime And Funds: Converging Worlds

Upcoming events like Maritime Cyprus 2025 and the International Funds Summit are set to explore the convergence of maritime operations with fund management. Vasiliou notes that the shipping sector—a highly capital-intensive industry reliant on diverse financing tools such as leasing, sale-and-leaseback, and asset-backed financing—is experiencing a paradigm shift. As traditional lenders recede, alternative credit structures offer consistent cash flows and predictable yields, providing an attractive alternative for investors seeking diversification without direct exposure to market volatility.

Building Resilience In An Uncertain Global Landscape

Investors are increasingly drawn to maritime credit for its stability, largely insulated from the cyclical nature of freight rates and asset valuations. However, Vasiliou cautions that robust governance and risk management remain paramount. With evolving regulatory measures—exemplified by new U.S. port-entry fees impacting vessels with Chinese ties—diversified funding sources become more critical. European credit frameworks, with their enhanced transparency and stability, are well-positioned to provide the necessary resilience for global portfolios.

A Strategic Roadmap For The Future

Vasiliou’s insights underscore Cyprus’ strategic advantage. With its recognized position as both an EU fund hub and a premier global ship management center (handling approximately 20% of worldwide third-party ship management), Cyprus is uniquely placed to harness alternative financing trends. As the industry continues to evolve, the island stands ready to frame its dual legacy into a powerful narrative of innovation and stability in linking real-economy sectors with cutting-edge financial strategies.

The next chapter in Europe’s funds industry will likely be defined by the capacity of managers to seamlessly integrate innovative financing solutions with the evolving needs of the real economy—and Cyprus is poised to lead that transformation.

Survey Reveals Incremental Progress and Challenges

A recent survey conducted by the Hellenic Marine Environment Protection Association (HELMEPA), in collaboration with the Lloyd’s Register Foundation, highlights the Eastern Mediterranean shipping industry’s evolving commitment to reducing greenhouse gas emissions. The METAVASEA survey, which gathered 898 responses from shipping companies, seafarers, ports, suppliers, and civil society between June and November 2024, offers a nuanced view of an industry at the crossroads of tradition and transformation.

Emissions Focus and Alternative Fuels

The survey indicates that 74 percent of shipping companies have either aligned or are planning to align with the International Maritime Organization’s net-zero targets. However, emphasis remains predominantly on direct emissions, with 73 percent of respondents focusing on them, while lesser attention is given to indirect (Scope 2) and supply-chain (Scope 3) emissions, at 9 percent and 4 percent respectively. Biofuels lead as the most adopted alternative, cited by 62 percent of respondents, followed by green hydrogen (25 percent) and ammonia (19 percent).

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Operational Concerns and Technological Adoption

Despite these efforts, nearly half (42 percent) of participants flagged infrastructure and compatibility issues, particularly as new technologies such as onboard carbon capture, wind and solar power, and air lubrication remain fraught with concerns over cost, vessel readiness, and safety. For seafarers, crew fatigue tops the list of safety concerns at 70 percent, even as a notable training deficit persists, with 64 percent reporting a lack of decarbonisation-related training in the past two years.

Workforce Development and Strategic Gaps

The findings reveal a dual need for technical expertise—including emissions monitoring, energy management, and handling of new fuels—alongside essential soft skills such as leadership and strategic thinking. Larger fleets demonstrate greater progress in emissions tracking and ESG strategy adoption, whereas smaller operators cite limited resources as a significant barrier.

Ports, Infrastructure, and Misaligned Public Perceptions

Ports and suppliers face their own set of challenges. Only 20 percent of ports currently offer VLSFO bunkering, even as the Mediterranean prepares for its designation as a SOx Emission Control Area in May 2025. With 40 percent of ports lacking decarbonisation interventions and 60 percent missing emissions monitoring systems, infrastructure gaps remain a significant hurdle. Meanwhile, public perceptions are at odds with reality—many erroneously estimate that shipping accounts for 50–70 percent of global greenhouse gas emissions, compared to an actual figure closer to 3 percent.

A Roadmap For Sustained Green Transition

The METAVASEA project, running from 2023 until 2027, aims to map the skills and infrastructure necessary for a successful green transition in this strategically vital region. With a network that includes six core partners, twelve associates, and over sixty stakeholders, the project intends to track ongoing trends and training needs, providing a critical framework for future progress in decarbonization.

New Standards On Carry-On Luggage Fees

The European Parliament has taken a decisive step toward curbing excessive charges by air carriers. In a groundbreaking decision supported by the Transport and Tourism Committee on June 25, airlines operating within the European Union will no longer be allowed to levy extra fees for cabin baggage. As a result, passengers are entitled to bring one personal handbag free of charge, provided it does not exceed 40 x 30 x 15 centimeters. Additionally, any carry-on bag must adhere to a maximum size of 100 centimeters in total dimensions and weigh no more than 7 kilograms; any luggage exceeding these limits will incur additional charges.

Enhanced Passenger Accommodations And Compensation Measures

The newly proposed regulations extend beyond mere fee capping. They introduce complimentary seating adjacent to a companion for children under 12, a free travel companion for individuals with reduced mobility, and protections for those traveling with assistive devices or service animals. A unified compensation form will also be implemented to streamline claims in the event of cancellations, delays, or denied boarding. Furthermore, travel intermediaries such as online booking platforms and travel agencies are now obliged to process refunds within 14 days, transferring liability to the carrier if these deadlines are not met.

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A Phased Rollout For The Liquids Rule

In a parallel development, the European Parliament has approved a proposal to phase out the 100ml liquids restriction at select EU airports. This measure, effective from July 2025, will be contingent upon the installation of advanced CT scanners at security checkpoints. Early adopters of this technology include airports in Berlin, Rome, Amsterdam, and Milan, allowing passengers to carry up to two liters of liquids such as wine, perfumes, and olive oil. However, this change is not universal; major hubs like London’s Heathrow are still awaiting technological upgrades and will continue to enforce the traditional limits until their scanners are updated.

Implementation And Legislative Process

It is important to note that the current resolutions passed by the European Parliament are not immediately binding. These proposals will enter negotiations with the European Commission and the EU Council, and only after reaching a compromise will they be put to a vote by both bodies before becoming law. As such, while the intent is clear, the precise timeline for implementation remains tentative.

Robust Passenger Rights

Under Regulation 261/2004, passengers enjoy robust protections when faced with cancellations, delays, refusal of boarding, or baggage issues. Whether operating within the EU or involving intercontinental flights with connecting European carriers, passengers have the right to appropriate compensation. In cases of overbooking or operational issues where a traveler is denied boarding without prior consent, compensation, airport assistance, and choices between a refund or rebooking are standard. Specific rules guarantee compensation ranging from €250 to €600 for last-minute cancellations and mandate support for delays exceeding three hours at the final destination.

Steps To Take If Problems Arise

Should any travel disruptions occur, affected passengers are encouraged to contact the relevant national aviation authority or consumer centers. In Cyprus, for instance, issues with domestic carriers should be addressed to the Civil Aviation Authority, while cases involving EU carriers can be escalated to the European Consumer Centre in Cyprus.

These regulatory efforts are poised to significantly reshape the air travel landscape, enhancing transparency and ensuring that passenger rights are protected at every stage of the journey.

Overview

Smartphone manufacturer Nothing is positioning itself at the forefront of AI-powered app development. The company recently unveiled Playground, an innovative tool that allows users to create customized widgets by simply entering text prompts. This service, which integrates with its Essential Apps platform, marks a significant stride in democratizing app development.

Innovation in Widget Creation

Playground currently enables users to build apps from scratch or modify existing applications on the Essential Apps platform. Examples include a flight tracker, a meeting brief tool, or even a virtual pet. Although the initial release is limited to widget creation owing to current technological constraints, technical users also have the option to further refine the underlying code.

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Strategic Vision and Market Position

Nothing’s ambitions extend beyond mere hardware innovation. Recently, the company secured $200 million in funding led by Tiger Global, underpinning its strategy to integrate AI into operating systems and ultimately reshape how software interacts with users. CEO Carl Pei has openly criticized the slow pace of software evolution among industry giants, arguing that AI breakthroughs will render operating systems more adaptive and personal. This approach is reflective of a broader reevaluation of mobile technology, where hardware and software coalesce to enhance user experience.

Security and Long-Term Prospects

While the promise of AI-powered development is enticing, challenges remain. Previous endeavors in the realm of vibe coding have been marred by security and maintenance issues, concerns which Nothing acknowledges and is actively addressing. According to Pei, ensuring that applications are both user-friendly and secure will be paramount, especially given the scale of the company’s user base.

Future Directions

Presently, Nothing is not charging for its AI tools, with the company prioritizing community engagement and recognizing valuable contributions within its ecosystem. Although Nothing holds a modest share of the global smartphone market, its targeted development strategy and focus on niche hardware designed for AI applications could yield significant competitive advantages in the evolving tech landscape.

Robust Revenue Growth

Tourism revenues in Cyprus from January to July 2025 reached an impressive €1.89 billion, up from €1.61 billion during the same period in 2024. This 17.4% increase, as reported by the Statistical Authority, highlights the steady expansion of the sector in a highly competitive market.

July 2025 Performance Highlights

In July 2025 alone, tourism income climbed to €513 million, an 8.2% rise compared to €474 million in July 2024. Additionally, the average per capita spending by tourists increased to €870.78, representing a modest 1.3% improvement from the previous month’s €859.95.

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Key Market Contributions

Analysis of visitor expenditures reveals the importance of leading markets: British tourists, accounting for 32.2% of the total, spent an average of €100.29 daily; Israeli tourists, comprising 13% of the influx, led spending figures at €151.10 per day; and Polish tourists, forming 7.4% of the market, spent an average of €90.23 daily. These insights underscore not only an uptick in visitor numbers but also an enhancement in spending power, reinforcing tourism’s essential role in Cyprus’s economic framework.

Conclusion

The upward trend in tourism revenue, boosted by both increased visitor arrivals and higher per capita expenditures, solidifies the sector’s strategic importance to Cyprus’s broader economy. This strong performance offers a compelling signal to investors and policymakers amidst evolving global tourism dynamics.

Innovative Integration of Visual Content

Google has unveiled a significant upgrade to its AI Mode, integrating visual results into its already robust artificial intelligence–powered search experience. Originally launched as a text-based service in the United States this past May, AI Mode now offers users the ability to receive image outputs alongside traditional text responses, addressing queries that require more than just descriptive explanations.

Enhancing User Engagement Through Visual Insights

In a rapidly evolving digital landscape, Google’s commitment to incorporating generative AI across its search tools has become a decisive factor in maintaining its competitive edge. With the introduction of visual results, users can now explore diverse topics—from home decor inspiration to specific shopping queries—through a visually immersive platform. As Robby Stein, Vice President of Product Management at Google Search, explained, certain queries inherently demand more than text can deliver, offering the consumer a richer and more engaging experience.

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Refined Capabilities for Shopping And Inspiration

Consider a scenario where users seek decor ideas: a request such as ‘Show me a maximalist inspo for my bedroom’ now returns a curated series of images. This innovative approach not only enhances the depth of the search experience but also allows for dynamic refinement. Should a user want to explore designs with ‘bolder prints and dark tones,’ AI Mode seamlessly adjusts its visual presentation, thereby streamlining the journey from inspiration to acquisition.

Seamless Integration With Google’s AI Ecosystem

Underpinned by the capabilities of its Gemini 2.5 model, alongside elements from Google Search, Lens, and Image Search, the updated visual results mark a breakthrough in what contemporary search technology can achieve. By linking each image directly to corresponding retail platforms, Google is not only providing inspiration but is also facilitating instantaneous shopping. Market observers note that this strategic integration reinforces Google’s dominant market position against new entrants and established competitors alike.

Conclusion

Google’s pivot towards incorporating visual outputs in its AI-driven search is a testament to its commitment to innovation. By anticipating the nuanced needs of its users—whether for practical shopping solutions or imaginative visual inspiration—Google continues to set the benchmark for integrating generative AI within mainstream digital services.

Introduction

A recent analysis by the Cypriot Consumer Association has revealed a significant price differential of €87 between the most and least expensive supermarket chains. The study, based on 234 common products listed on e-kalathi, provides a detailed look at how key retail players compare on everyday items.

Study Methodology

The research was carried out on September 28, examining price points across leading supermarket chains including Sklavenitis, Athinainitis, Ioannidis, Metro, and Alpha Mega—all of which share a broad range of identical products. By systematically comparing 234 products and further dissecting several specific product categories, the study offers a clear snapshot of the current market landscape.

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Key Findings by Category

The analysis indicates that Sklavenitis emerged as the most competitively priced chain. Overall, the 234 products averaged €930.60 at Sklavenitis compared to €1017.05 at Alpha Mega. Second in affordability, Athinainitis was priced at €958.91, closely followed by Ioannidis and Metro, which recorded values just above €1000.

Dairy And Processed Products

When examining 38 common items—including yogurts, cheeses, and similar offerings—Sklavenitis again led with an average cost of €106.82. Alpha Mega, however, was the priciest at €116.54, with Athinainitis, Ioannidis, and Metro falling between these benchmarks.

Beverages

The study further analyzed 36 non-alcoholic beverages, including soft drinks, coffee, water, and juices. Prices ranged from €121.02 at Sklavenitis to €132.67 at Alpha Mega, reinforcing the chain-wide trend of pricing variability.

Fresh Milk And Bakery Items

A comparison of 17 types of fresh milk revealed modest price differences, with Sklavenitis at €36.44 and Alpha Mega at €37.81. In the bakery category, based on 17 products, Sklavenitis and Athinainitis were nearly identical at €50.48 and €50.79, respectively, while Metro reached €55.05.

Personal Care Products

For 28 personal care items—ranging from shampoos to toilet paper—Sklavenitis maintained its cost leadership at €139.81, while Alpha Mega again topped the price scale at €157.77. The other chains displayed intermediate pricing, underscoring consistent market differentials.

Product Availability Trends

The study also noted a slight reduction in the overall number of products listed on e-kalathi in September, compared with August. Most chains experienced a small decline in product count, with the exception of Pop Life, which saw an increased inventory. This trend is indicative of broader inventory management practices within the sector.

Conclusion

The findings highlight not only a marked price disparity within the supermarket industry but also the importance of continued consumer oversight. The Cypriot Consumer Association has pledged to monitor price developments on e-kalathi with transparency and diligence, ensuring that consumers remain informed in an ever-evolving retail landscape.

Enhanced Digital Services for Road Transport

The Gov.Cy digital assistant, now updated with new functionalities for the Road Transport Department, is set to transform citizen engagement. Available 24/7, the improved service provides immediate and reliable assistance, underscoring the government’s commitment to transparent and efficient public service.

Comprehensive Support for Critical Services

Citizens can now submit queries regarding key documentation and permits, including:

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• Vehicle Registration Documents
• Driver Licenses
• Road Usage Permits
• Road Transporter Permits
• Certificates of Professional Competence

In addition to these offerings, the digital assistant disseminates vital information on the Electric Mobility Promotion Plan designed to reduce CO₂ emissions, as well as updates on vehicle recalls concerning airbag replacements.

Proven Track Record and Versatile Functionality

Since its launch nine months ago, the digital assistant has fielded over 180,000 citizen inquiries, establishing itself as a crucial link between the public and government services. This continuous evolution, marked by the integration of new thematic areas, demonstrates the system’s growing utility and its pivotal role in modernizing public administration.

Accessible in Multiple Languages

Designed to cater to a diverse audience, the digital assistant accepts queries in written or spoken form in both Greek and English, and even processes grenglish inputs. Users can conveniently access the service via the Gov.Cy portal, the ‘Digital Citizen’ mobile application, as well as through various Ministry and Deputy Ministry websites.

Discover More

Explore the complete range of services offered by the digital assistant by visiting the official page at gov.cy/o-psifiakos-voithos.