The Electricity Market Association (PSA) hosted a working breakfast for journalists, proceeding with a mini review regarding the energy sector and the operation of the Competitive Electricity Market, while publishing data regarding the EAC and its penetration in Renewable Energy Sources.
Among other things, the Association, through its President George Chrysochou, listed five specific suggestions that can reduce the price of electricity in Cyprus. In particular, according to Mr. Chrysochos, the smooth and efficient operation of the Competitive Electricity Market, the reduction of cuts in Renewable Energy Sources, the installation of storage systems, the independence and modernization of the networks and finally the arrival of Natural Gas can lighten the pockets of consumers and entrepreneurs.
"30% reduction with the use of Natural Gas"
In fact, regarding the last part, i.e. the arrival of Natural Gas, the Association estimates that its use in Cyprus will reduce both pollutants by 40% and energy prices by 30%. Citing a specific example, with the current prices that apply due to the war in the Middle East, Mr. Chrysochos said that the cost (based on efficiency) of TTF is at 31 Eur/MWth and is 25% cheaper than Diesel. In addition, as he added, with the use of natural gas, energy production is more efficient than the fuel oil used today, by about 7 to 8%.
At 6.4% the share of private RES producers
At the same time, the Association presented data regarding the distribution of production in the electricity market, as it is currently in force. In particular, according to the PSA, private RES, which participate in the Competitive Electricity Market, have a production share of 6.4% and a total installed capacity of 324 MW, while at the same time, as they note, the largest percentage of energy produced amounts to 72.6% and comes from EAC Production.
"EAC received permission for 28 projects"
The Association, as is obvious, disputes the EAC's arguments regarding its presence in the field of Renewable Energy Sources, pointing out that the EAC has received licenses for 28 RES projects, with a total capacity of 171.9 MW in the last 12 years, of which only five, with a total capacity of 23 MW, are in operation. In addition, according to the SAI, EAC Promethia has the ability to procure energy from RES technologies, with a total installed capacity of 416 MW, at a price of 11 cents per kilowatt hour, following a regulatory decision. Closing the issue concerning the EAC, the SAI stated that, according to CERA data, by August 2025, about 26% of electricity in Cyprus came from RES, of which 21% is commercially exploited by the EAC through feed-in tariff and net-billing contracts.
