Cyprus Launches Competitive Electricity Market on October 1, Boosting Renewables
Cyprus is set to revolutionize its energy sector with the launch of a competitive electricity market on October 1. The new system aims to provide citizens and businesses with more affordable and reliable energy, marking the end of a transitional system that kept prices high and limited energy competition.
The broader plan is to increase renewable energy in the electricity mix from 24% to 33% by 2030. This transition is seen as a societal obligation for future technologies and competitiveness. The government will modernize the electricity grid, connect renewable energy sources, and digitize the network.
A digital platform for licensing renewable energy initiatives has been launched. Incentives and simplified licensing procedures will encourage household and business participation in renewable energy. The Ministry of Energy supports both large- and small-scale projects, providing grants for storage systems linked to commercial and industrial solar projects. This effort is backed by the European Union, with funding such as 40 million euros from the Just Transition Fund and technical assistance from the European Investment Bank through the JASPERS program.
Officials have streamlined planning and building approvals for energy storage projects, ensuring a smoother path for renewable energy integration.
The launch of the competitive electricity market in Cyprus is expected to reduce energy costs, strengthen the economy, and improve energy security. The government's commitment to modernizing the grid and encouraging renewable energy participation is set to transform the country's energy landscape, supported by EU funding and technical assistance.
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