Cyprus’ dispersed energy storage system, with a capacity of 120 MW, will be fully operational by June 2026, Energy Minister George Papanastasiou said on Monday during the presentation of the Electricity Authority of Cyprus’ (EAC) 2024 results. The system will operate transparently under a publicly accessible policy for participation in the competitive electricity market.

According to the Transmission System Operator, Cyprus will need at least 600 MW of storage by 2030.

The Minister also highlighted a significant rise in energy poverty, which affected 66,700 households (17.5%) in 2023, up from 15.1% in 2022, mainly due to higher energy prices. In the EU, the corresponding figure was 10.6%.

Papanastasiou said the main challenges are upgrading the electricity network, increasing renewable energy penetration, reducing RES curtailments, and the competitive electricity market.

He noted progress in digitalising the grid using European funding and in rolling out smart meters, expected to be completed by January 2027. He also emphasised upgrades underway at the Vasilikos power station, including a new natural-gas-fired unit.

The Minister said EAC must continue modernising to ensure reliability and support Cyprus’ transition to a sustainable energy future.