"We are experiencing one of the most challenging periods in the energy sector," stated Energy, Commerce, and Industry Minister Giorgos Papastasiou last night. He noted that for the 2021-2027 programming period, the Ministry secured approximately €591 million in European and national funds, which are being used strategically to expedite the green transition and support households and businesses.

In a speech delivered on behalf of the President of the Republic at the foundation stone ceremony for the Aradippou Municipality's proprietary photovoltaic park, the Minister said, "The park, with a total capacity of 2.96 MW, is expected to cover part of the Municipality's electricity needs, reducing its energy costs and ushering Aradippou into a new era of green transition."

He added, "Beyond the benefits to the Municipality, the operation of the photovoltaic park also contributes to the Government's efforts to implement the green development model it has adopted and to create Green/Energy Communities, as well as to achieve the national energy goals set for 2030."

The Minister referred to Europe's energy and climate goals, which he described as "becoming increasingly optimistic." He emphasized that "Cyprus must accelerate its efforts towards the green transition. To this end, we are working intensively with other relevant Ministries to finalize the revised National Plan for Energy and Climate, which outlines the existing and additional measures Cyprus will take to achieve these ambitious goals."

In 2022, the most recent year for which official statistics are available, the share of energy from Renewable Energy Sources (RES) in the country's gross final consumption reached 19.4%, placing Cyprus 16th among the 27 EU member states. In heating/cooling, with a rate of 41.6%, Cyprus ranked 8th among the 27 member states.

He characterized "the penetration of RES into electricity as particularly difficult for Cyprus's energy sector," noting that "the RES percentage in electricity reached only 17%, placing Cyprus 23rd among the EU countries."

He also mentioned that for the 2021-2027 programming period, the Ministry secured approximately €591 million in European and national funds, which are being used strategically to expedite the green transition and provide tangible support to households and businesses. In this context, the One-Stop-Shop Service for RES and energy storage projects has been established and is already operational under the Ministry's Business Facilitation Unit.

Among other things, Mr. Papastasiou said, "We are using these funds for the expansion, upgrade, and digitization of networks, the creation of energy storage infrastructure, the operation of the competitive electricity market, electrical interconnection with Israel and Greece, and the implementation of Grant Schemes for energy efficiency measures and the use of RES in homes, businesses, transport, and Local Authorities."

Regarding the creation of energy storage infrastructure, he continued, "The Ministry has secured €40 million, which will be allocated for the installation of energy storage systems. These systems can help solve problems observed in the smooth operation of the grid due to intermittent energy production from RES, reduce electricity cuts from renewable sources, and further increase their penetration into power generation," he noted.

He also mentioned that the Ministry has put the framework of the Grant Scheme for the installation of hybrid storage systems in combination with RES projects into public consultation, which concludes on June 14.

"The announcement of the Scheme for application submissions is expected in the fall," he said, while the Cyprus Energy Regulatory Authority (CERA) is holding a public consultation on the draft Regulatory Decision for the promotion and facilitation of the development of Energy Communities and RES Communities, with the consultation concluding on June 14.

He also described the current period as "one of the most challenging in the energy sector, as we face the environmental challenge with the consequences of climate change, which requires an urgent transition to cleaner forms of energy and minimizing the environmental footprint of human activities. Additionally, amid sociopolitical turmoil and armed conflicts, we face the challenge of ensuring energy adequacy at an affordable cost for households and businesses."

For the country to achieve the desired sustainable development, the Minister of Energy emphasized, "much remains to be done. All stakeholders in the public and private sectors and Local Authorities must work in a coordinated manner to fulfill our commitments under the Paris Agreement and the European Green Deal," he concluded.