Nicosia: By the end of 2027, there will be several hundred megawatts of energy storage integrated into the system, stated Michalis Damianos, the Minister of Energy, Commerce, and Industry, on Wednesday. The announcement was made prior to a high-level workshop organized by the Cyprus Employers and Industrialists Federation aimed at reducing the cost of electricity in Cyprus.
According to Cyprus News Agency, the Minister highlighted that the Cyprus Energy Regulatory Authority (CERA) had sent a letter prompting a review of whether to activate Article 34, which pertains to the immediate installation of conventional production units. He noted that the Transmission System Operator of Cyprus (TSOC) assured that there would be no adequacy issues this summer.
Regarding the energy storage installation target, Damianos revealed that the TSOC has already secured agreements for its own storage units, which are scheduled to arrive in January 2027. He added that before the summer of 2027, 120 megawatts would be installed by TSOC.
Damianos expressed confidence that by the end of 2027, several hundred megawatts of storage would be operational, significantly enhancing the integration of renewable energy sources, particularly solar energy, into the energy mix, thereby improving system adequacy.
When questioned about potential fuel price increases in Cyprus due to Middle Eastern developments, Damianos indicated that fuel prices are influenced by international dynamics, with recent fluctuations having occurred following a previous peak. He emphasized that such matters are subject to external factors beyond local control.