The Cyprus Energy Regulatory Authority (CERA) representatives reported establishing a regulatory framework for energy storage in 2019, followed by market rules approval in 2021. The Cyprus Transmission System Operator has received 13 storage applications totaling 224 megawatts capacity, with eight applications processed and five under review.
This includes speeding up the import of natural gas, increasing the contribution of renewable energy sources, and finalizing the opening of Cyprus'' competitive electricity market by 2025. These efforts aim to ensure a more secure and sustainable energy future for the island.
AKEL MP Costas Costa characterised Cyprus as “the only country in the world where thousands of megawatt-hours go unused due to lack of centralised green energy storage systems,” adding: “During the day we waste megawatt-hours because we lack storage, and at night we are one step away from blackouts.”
The Minister also highlighted that the FSRU’s deployment is one piece of a broader plan to transform Cyprus’ energy sector. This includes speeding up the import of natural gas, increasing the contribution of renewable energy sources, and finalizing the opening of Cyprus'' competitive electricity market by 2025.
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