The Cypriot government is introducing new grant schemes for energy storage in businesses and households as part of a broader effort to reduce electricity costs, enhance energy security, and expand the use of renewable energy sources, President Nikos Christodoulides announced Wednesday night.

The President emphasized that the government is prioritizing energy security, immediately implementing energy storage technology to further integrate renewable energy sources (RES) into the country's energy mix.

During the presentation of the Government's 2025 Annual Program, Christodoulides reiterated that the new energy storage grants align with the goal of reducing electricity costs for both households and businesses.

He also announced a new photovoltaic (PV) grant scheme, "Solar for All," specifically aimed at small businesses. Additionally, he confirmed the full liberalization of the competitive electricity market, ensuring more options for consumers.

Christodoulides stated that the Vasilikos LNG import terminal is progressing toward completion, a key project aimed at lowering the cost of conventional power generation.

Furthermore, he highlighted that in 2025, efforts will intensify to exploit Cyprus' natural gas reserves within the country's Exclusive Economic Zone (EEZ).

Specifically, he announced plans for at least two new exploratory drillings in the "Electra" and "Pegasus" prospects. Additionally, on February 17, Christodoulides will travel to Egypt to sign agreements for the commercial exploitation of the "Cronos" and "Aphrodite" gas fields.