The share of energy consumption from renewable energy resources (RES) in 2022 has reached 17.2% in Cyprus and is expected to increase further in 2023 and in the following years, according to the annual report of the Cyprus Energy Regulatory Authority (CERA) for 2022 presented on Wednesday to the President of the Republic Nikos Christodoulides.

According to the report, Eurostat data indicate that Cyprus is currently ranked as the seventh most expensive country in the European Union in terms of electricity.

According to a CERA press release, during the handover of the Annual Report, CERA President Andreas Poullikkas, Vice President Filippos Filippou and Member Neophytos Hatzigeorgiou, had the opportunity to inform the President of the Republic on matters concerning the electricity market, natural gas and the Cypriot economy in general.

As noted, rapid increase in the cost of liquid fuels and the cost of carbon emission trading has increased the cost of electricity to unprecedented levels. In order to solve the problems concerning energy transition of electrical systems of isolated islands, such as Cyprus’, in the short term, an upgrade of the electrical network is needed, so as to increase flexibility of the electrical system, alongside the use of natural gas and energy storage technologies and an increase in renewable energy sources into the energy balance of Cyprus without significant cuts in renewable electricity production.

Regarding renewable energy, approximately 606 megawatts of photovoltaic systems, 157 megawatts of wind systems and 13 megawatts of biomass systems are in operation, i.e., a total installed capacity of 776 megawatts.

The total installed capacity of conventional power generation units amounts to 1488 megawatts, i.e. 34% of the installed capacity concerns renewable energy systems.

Regarding the contribution of renewable energy in the final annual electricity consumption in 2022 it has reached 17.2% and is expected to increase further in 2023, and the following years.

In relation to the cost of energy, CERA reports that it remains at high levels in Cyprus. Cyprus is currently ranked based on Eurostat data as the seventh most expensive country in the European Union in terms of electricity tariffs with the Netherlands as the most expensive country followed by Belgium, Romania, Germany, Denmark, Italy. In the short term, the observed increases in electricity tariffs will continue until the reduction of the cost of purchasing liquid fuels and the cost of purchasing greenhouse gas emission rights or until the use of natural gas for electricity generation at a competitive price.