25 Annual Report 2021 National Legislative Regulations The following section presents the Laws and Regulations that have been amended, the bills that are under discussion, CERA's most important Regulatory Decisions and Decisions as well as the developments in the Trading and Settlement Rules and the Transmission and Distribution Rules. Laws and Regulations Law Regulating the Electricity Market of 2021 L.130(l)/2021 On 7 October 2021, the House of Representatives passed the Law Regulating the Electricity Market of 2021 L.130(l)/2021 which repeals the Laws Regulating the Electricity Market of 2003 to 2018. The Electricity Law was passed for the purposes of harmonization with Directive (EU) 2019/944 on common rules for the internal market in electricity, partial harmonization with Directive (EU) 2018/2001 on the promotion of the use of energy from renewable sources, and Directive 2012/27/EU on energy efficiency, effective implementation of Regulation (EU) No. 1227/2011 on wholesale market integrity and transparency, and more effective implementation of Regulation (EU) No. 347/2013 on guidelines for trans-European energy infrastructure, Regulation (EU) No. 2019/943 on the internal market for electricity, and Regulation (EU) No. 2017/1485, on the establishment of guidelines on electricity transmission system operation. The Electricity Law provides for the regulation of the electricity market in the Republic of Cyprus, by establishing common rules concerning the generation, transmission, distribution, storage and supply of electricity, as well as the protection of consumers, with a view to creating truly integrated, competitive, consumer-focused, flexible, fair and transparent electricity markets in the EU. By taking advantage of the benefits of an integrated market, among other things, it aims to ensure affordable, transparent prices and energy costs for consumers, a high degree of security of supply and a smooth transition to a lower-carbon energy emission system. It lays down basic rules for the organization and operation of the electricity sector, in particular position strengthening and consumer protection rules, for open access to the integrated market and for third party access to transmission and distribution infrastructure. Lastly, it ensures that electricity companies operate aimed at achieving a competitive, secure, and environmentally sustainable electricity market, without being discriminated in terms of their rights or obligations. LEGISLATIVE REGULATIONS AND CERA DECISIONS
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