The State's objectives for the energy transition, the operation of a sustainable and competitive electricity market and, above all, for the reduction of electricity costs, require a modern, flexible and competitive Electricity Authority of Cyprus, which thinks "outside the box" and beyond the trivial, in order to contribute substantially to our efforts to shift to a green and circular economy, Minister of Energy, Commerce and Industry, George Papanastasiou, said on Friday. 

The Minister was addressing the inauguration of two photovoltaic parks, Acheras A and C, which were constructed under the relevant agreement between the Authority and the Church of Cyprus.

According to Papanastasiou, today's inauguration of the two parks, with a total capacity of 8 megawatts, marks the completion of the first phase of the Acheras projects, which involves a capacity of 16 megawatts, adding that the implementation of the second phase, for the creation of an additional 68 megawatts, is already underway, since the projects are in the licensing stage.

He added that these photovoltaic parks upgrade EAC’s power generation portfolio, bringing the total of the Authority’s existing installed capacity from renewable energy sources to 20 Megawatts, and come at a critical time to help both the Government and EAC in their efforts to reduce the cost of electricity generation, the cost of purchasing greenhouse gas emissions allowances and, by extension, reduce the cost of electricity offered by the Authority to Cypriot residential and commercial consumers.

He noted that the EAC should focus on the implementation of the 10-year grid development plan, as the grid upgrade, modernisation and digitalisation projects are necessary to solve the problems currently faced with the saturation of substations and transmission lines, short circuits and the installation of additional renewable generation capacity.

He said that the Authority should also proceed rapidly with the installation of smart meters, giving priority to self-consumption systems and Energy Communities, in line with RAEK’s Regulatory Decisions published last November.

In addition, he said that it is imperative that the Authority implements the RES development plan it has prepared and which has been approved by RAEK, while also proceeding with the actions to upgrade the Dhekelia power plant.

"The State's objectives for the energy transition, the operation of a sustainable and competitive electricity market and, above all, for the reduction of electricity costs, require a modern, flexible and competitive EAC, which thinks "outside the box" and beyond the trivial, in order to contribute substantially to our efforts to shift to a green and circular economy", concluded Papanastasiou, and called the Board, the Management and the staff of the Authority to build on their good work and further intensify their efforts.

In his speech, the Chairman of the EAC Board, George Petrou, said that the Authority is intensifying its efforts to create new photovoltaic parks in various areas of Cyprus, with some projects under study, while others at a more advanced stage.

"However, in order to be able to make the best possible use of green energy, storage systems are necessary," he stressed.

This infrastructure, he noted, "is very important for the flexibility that modern energy management systems need for their operation, especially those with a significant penetration of RES."

"In Cyprus, pending the implementation of the electricity interconnection project with Greece, energy storage becomes even more imperative for the security and flexibility of the energy system," he added.

EAC General Manager Adonis Yiasemides, said that the project will contribute to the saving of almost 3,400 tonnes of fuel with an economic benefit of €2.25 million per year.

He added that the Authority, conscious of its role and responsibility, "is making every effort to enhance its contribution to the production of green energy, while developing projects that respect the environment".