The Electricity Authority of Cyprus is ahead of schedule in relation to the installation of smart meters. In fact, planning has progressed at such a rapid pace that the EAC decided to go ahead with the order of an additional number of smart meters.
In particular, according to information from "F", the Electricity Authority of Cyprus by the end of August 2026 will have completed the installation of the 400,000 smart meters, i.e. about four months faster than the last plan, which spoke of their installation by January. So far, around 365,000 smart meters have been installed.
In addition, the Electricity Authority of Cyprus has decided to continue with the program and according to the same information has already proceeded with an order for an additional 100,000 smart meters, with the aim of installing them by June 2027. Based on the new data, with the addition of the 100,000 additional meters, the coverage will exceed 80% of the premises in Cyprus, which was the initial goal with the installation of 400,000 smart meters.
The first instalment has been paid
The problems that had been caused in the previous period rang bells in the EAC, since a further delay would have resulted in the loss of €35 million of European funding that would cover a significant part of the cost of the 400,000 smart meters and which would be paid in two instalments.
In the end, EAC not only did not lose funding, but has already received the first tranche, which amounts to €13.7 million. Upon completion of the second phase, the EAC will receive the rest.
Now, as far as the cost for the additional 100,000 smart meters is concerned, as "F" is informed, an effort is being made to secure an additional amount from European funds to cover the cost. However, as they told us, if it is not possible to secure the additional funding, then the cost will be covered by own resources. As we were assured in this case, the cost will not be passed on to consumers, neither through bills nor through other means. It should be noted that the total cost for the 400,000 smart meters is estimated at €50 million, with the difference again covered by the EAC reserve.
The program for the installation of the first smart meters began on January 20, 2025, after the whole process had gone through troubles. In fact, in order to move forward with the schedules and planning, even the House of Representatives had been mobilized, which had proceeded with a relevant legislative regulation so that CYTA would acquire the right to supply the EAC with smart meters.
