Filenews 25 September 2021 - by Angelos Nikolaou
A plan with a specific timetable for the closure of conventional fuel power plants was requested by the Commission as a condition for Cyprus to disburse funds from the Just Transition Fund. This plan concerns both the existing EAC units, as well as those that have been licensed and the future ones that will use natural gas. In fact, they are asking for a timetable for the withdrawal of conventional power plants, even those that will use natural gas, to be declared as of now.
For Brussels, there is an urgent need to move from highly polluting power plants from conventional sources and fossil fuels to the increased use of renewable energy sources to generate electricity. In addition to addressing environmental and climate concerns, the transition to renewable energy sources will significantly reduce production costs, especially given the solar energy production potential in Cyprus. It is noted that an amount of up to €167 million is earmarked for the implementation of just transition fund projects aimed at promoting alternative forms of energy.
Such projects are photovoltaic parks, as well as projects / incentives for storing energy (batteries) from renewable energy sources. These are projects that create prospects for the advent of investments in the res sector, for the increase of green jobs and for the achievement of the very important environmental goals set by the Republic of Cyprus and the EU. According to Cyprus' 2020 national energy and climate plan, the country estimates that it will achieve a share of final consumption of energy from renewable sources of 15% by 2021 and 23% by 2030. In order to achieve these objectives, policy and investment measures need to be strengthened, particularly with regard to storage technologies.
The opening up of the electricity market to producers of energy from renewable sources, the introduction of a carbon tax and the promotion of investments in large-scale RES projects are considered important. This will significantly increase the production of electricity from renewable sources, which will eventually replace oil and gas power plants.
