28 Cyprus Energy Regulatory Authority In particular, the Law Regulating the Electricity Market of 2021 (L.130(l)/2021) and the Laws Regulating the Natural Gas Market of 2004 to 2021 (L.183(Ι) 2004), set the framework of rules and principles for achieving the mission of CERA, whose main objective is to ensure the smooth operation of the energy market in Cyprus, the protection of consumers, and the protection of the environment. Vision CERA's vision is to regulate the electricity and natural gas markets in the Republic, to ensure a high degree of security, quality, and supply of electricity and natural gas, to protect the interests of consumers, to contribute to environmental protection and to promote research and development in the energy sector. Values During the performance of their duties, CERA's Top Management and office staff adopt values based on the General Principles of the Administrative Law of 1999, L.158(I)/1999 as follows: • Transparency • Impartiality • Protection against conflicts of interest • Ensuring equality and fairness • Protection of the right to be heard • Proportionality principle (all measures taken must be proportionate to the purpose they serve) • Principle of good faith • Reasonability for the decisions taken • Perform duties and responsibilities within a reasonable period of time Regulatory Decisions, Draft Regulatory Decisions and important CERA Decisions in 2021 During 2021, CERA took Regulatory Decisions and other Decisions of which the most important are the following: REGULATORY DECISIONS AND DRAFT REGULATORY DECISIONS Regulatory Decision 01/2021 (KDP 359/2021), regarding the Statement of Regulatory Practice and Electricity Tariffs Methodology By Regulatory Decision 01/2021, CERA estimated that with the implementation the Trading and Settlement Rules, Version 2.0.0 and the new electricity market, a Statement of Regulatory Practice and Electricity Tariffs Methodology needs to be in force which will fall in line with the new Trading and Settlement Rules, and after assessing all the comments from the Public Consultation, it issued Regulatory Decision No. 01/2021 "Statement of Regulatory Practice and Electricity Tariffs Methodology" (KDP 359/2021). Regulatory Decision 01/2021 was published in the Official Government Gazette on 13 August 2021.
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