During the 11th energy symposium in Nicosia, organized by FMW and the Institute of Energy of South East Europe, industry experts revealed that Cyprus anticipates investing over €16 billion in the energy sector for the decade spanning 2021-2030. The symposium delved into the energy sector's challenges, specifically within Cyprus's electricity sector, and the emerging investment opportunities.

Despina Panayiotou Theodosiou, Chairwoman of the Electricity Authority of Cyprus (EAC) Board of Directors, spoke during the third session, focusing on Electricity. Theodosiou highlighted the importance of integrating Renewable Energy Sources (RES) into the EAC's energy mix. This integration is essential for reducing Cyprus's reliance on fossil fuels and the overall cost of electricity. Theodosiou outlined EAC's active role in RES, contributing to national energy transition goals. She spotlighted the operational Akrotiri photovoltaic park, producing energy at 5.5 cents per kWh, marking a modest beginning in reducing consumer energy costs.

Theodosiou also discussed a preliminary study for installing energy storage systems using batteries with a total capacity of 240 MWH. With a projected budget of €60 million, the project, if approved, is expected to be completed by 2025. Additional challenges, such as the adaptation of EAC to a competitive environment, the import of natural gas, and upgrades to Vassilikos power plant units, were addressed.

Stavros Stavrinos, Executive Director at Transmission System Operator Cyprus, discussed managing the grid with the increasing integration of RES. Despite the goal to maximize renewable energy use, Stavrinos emphasized the challenges in scheduling the system economically and safely due to the current level of RES penetration.

Moreover, George Chrysochos, CEO of Power Energy Cyprus (P.E.C.), announced the July 2024 operation of Cyprus's first independent power plant, with a €200 million budget. Chrysochos emphasized the plant's anticipated 40% reduction in emissions compared to traditional production and underscored the necessity for a stable investment climate.

In the fourth session on "Energy and Investments," Nicos Trypatsas, Deputy General Manager of CSE, advocated for energy sector companies to go public through the Cyprus Stock Exchange (CSE). Highlighting the surge in green bond investments in Europe, Trypatsas noted CSE's adjusted pricing policy to foster such investments, with the first application for raising €5 million for two photovoltaic parks already in process.

Lastly, Costis Stampolis, Chairman and Executive Director of the Institute of Energy of South East Europe, reported that investment interest in the Southeast Mediterranean region increased by €137 billion from 2017 to 2021. With investments for 2021-2030 anticipated to hit €436 billion, Cyprus's expected €16.2 billion investment reflects a "small but not insignificant" contribution, notably rising from the €7.4 billion estimate in 2017.