The Council of Ministers has approved a new €35 million Energy Storage Grant Scheme to support energy storage systems connected to renewable energy projects, announced Minister of Energy, Commerce, and Industry, George Papanastasiou, following today’s council meeting.

According to Minister Papanastasiou, the scheme’s budget, sourced from the Just Transition Mechanism, will support both individuals and legal entities. The first phase will allocate funds through a competitive bidding process to ensure optimal resource distribution.

The grant program is focused on installing storage systems in existing renewable energy projects that were previously supported under earlier subsidy schemes. This includes self-consumption projects operating on a net-billing basis, allowing users to store excess energy and manage their usage more effectively.

Applications for the first phase of the scheme will open on January 15, 2025. A second phase, with an additional budget of €5 million, will follow.

Minister Papanastasiou also announced a decision to appoint a new president for the Cyprus Energy Regulatory Authority (CERA), pending consultation with the Parliamentary Energy Committee. Once confirmed, the individual’s name will be formally announced. Additionally, the council has decided to expand CERA’s senior management team from three members to five, with further appointments expected following parliamentary approval of the related bill.