"Cyprus can and must not only participate but also take a leading role as an energy hub in the region's hydrocarbon reserves" said on Tuesday President of the House of Representatives Annita Demetriou.

This is why, she said, immediate action is necessary, with the extraction of natural gas deposits and their utilization, both to meet domestic and international needs and to achieve specific goals on our path towards the green transition.

In her greeting at the 11th Energy Symposium, the House President underlined the need for careful negotiations to make the most of Cyprus' Exclusive Economic Zone (EEZ) gas deposits and secure maximum benefits for the country.

She also highlighted the urgency of advancing projects, storage infrastructure, and further renewable energy sources, such as solar and wind, as well as the use of alternative clean fuels like hydrogen.

Within this context, she added that the development of Cyprus' electric power transmission and distribution network is necessary to support increased electricity production from renewable sources.

She underlined that the symposium is taking place during a critical international moment due to two global developments. The first is Russia's invasion of Ukraine and the ongoing war in the region, which has had a chain reaction effect on global supply chains, trade, the economy, and the energy sector. The second, she added, concerns Israel and the Middle East, which are expected to dramatically impact the energy sector.

Demetriou added that the geopolitical and geostrategic changes inevitably affect the development of natural gas deposits in the Eastern Mediterranean, a situation directly related to Cyprus.

She further emphasized that the country is facing inflationary pressures and high electricity costs, making the utilization of renewable energy sources more essential than ever.

Considering all these factors, she said, “Cyprus should not only participate but take a leading role in being an energy hub for the hydrocarbon reserves in the region, given its geostrategic position”.

The construction and operation of the EuroAsia Interconnector will have a decisive impact on the absorption of renewable energy sources by reducing carbon dioxide emissions, she remarked, adding the project is expected to end Cyprus' energy isolation, reduce electricity costs, and enhance the country's energy security. 

Concluding, she said there is no room for complacency as long as Turkey exploits the instability, seeking to disrupt our country's strategic energy partnerships and challenge Cyprus' sovereign rights in our EEZ. Demetriou pledged the House of Representatives will support the efforts to achieve the country's energy goals and assist in accelerating Cyprus' energy transition in line with its international and European commitments.