After long battle, CyTA loses fine case
The Supreme Court upheld a decision to fine CyTA €390,000 for abusing its dominant market position by blocking access to telematics services for Golden Telemedia customers.
state-run telecom
Plenum approves 2024 Cyta budget amid political debates
The House plenum approved the 2024 budget for the Cyprus Telecommunications Authority (Cyta), with expenditures of €501 million and revenues of €412 million. Cyta’s personnel payroll and benefits expenses are €148 million, and it is projected to post a pre-tax surplus of €23.1 million. The organization’s pension fund had a €75 million deficit at the end of 2022. Cyta spends approximately €15 million annually on electricity costs and is working towards achieving ‘energy autonomy’ by 2027 through a project by its subsidiary, Cyta Power Ltd. The House also approved the 2024 budget for the Electricity Authority of Cyprus (EAC), with expenditures of €2.39 billion and projected revenues of €2.1 billion, expecting to generate €1.3 billion in revenue from electricity sales.