The Electricity Authority of Cyprus (EAC) must remain in the hands of the state, Energy Minister George Lakkortypis said on Monday, speaking after a meeting with President Nicos Anastasiades and EAC unions.

Emerging from the presidential palace he told reporters "the possibility of privatising the organisation is distant and the government is called to make a principled decision on the most effective and efficient way of separating the EAC.”

The chapter in the bailout memorandum signed between Cyprus and its creditors regarding the EAC has been moved from "privatisation” to "energy”, he added, making the governments intentions crystal clear.

(balkans.com)