Fuel prices will remain high even after the end of the crisis in the Middle East, stated Minister of Energy Michael Damianos.

He explained that the price drop will happen gradually, as many fuel infrastructures in the Middle East have been destroyed. He added that European Union governments could implement targeted relief measures for their citizens, similar to those applied by Cyprus with the reduction of consumption tax.

During the informal Council of EU Energy Ministers hosted by Cyprus yesterday, the need for installing energy storage systems for renewable sources was emphasized. Mr. Damianos said that Cyprus has a strategy for Renewable Energy Sources as well as for battery installation.

He noted that during the first quarter of 2027, the installation of batteries by the Electricity Authority of Cyprus (EAC) is expected.

Source: Brief