energy security — energy security — Ensuring reliable and sustainable energy supply across Europe will be a key focus during Cyprus’ upcoming EU Council Presidency, as highlighted by Energy Minister George Papanastasiou. Speaking at the Famagusta chamber of commerce’s general assembly, he emphasised that the aim is to create a diversified energy landscape that will enhance Europe’s resilience and international standing.
Minister Papanastasiou stated, “Our priority is to ensure a diversified, reliable and sustainable energy supply, which strengthens Europe’s resilience and its international position, without leaving any citizen or business behind.” His comments underline the importance of a balanced approach that combines decarbonisation with the competitiveness of Europe’s energy sector.
To achieve these goals, Cyprus plans to adopt a pragmatic strategy that leverages technological innovation, expedites licensing processes, and fosters investment-friendly regulations. Papanastasiou stressed the need for a transition towards zero emissions that prioritises safety, sustainability, and affordability while safeguarding European competitiveness.
Addressing the challenges posed by high energy costs, which threaten the competitiveness of businesses, the minister pointed out opportunities for industries to generate and consume their own energy through renewable sources. A net-billing system is set to enable various entities, including hotels and industrial operators, to participate by installing the necessary equipment and applying through the electronic authority of Cyprus (EAC).
The launch of Cyprus’ competitive electricity market in early October is another significant move, creating conditions for genuine competition among suppliers and potentially leading to lower prices for large commercial consumers. Currently, around eight or nine suppliers, including the Electricity Authority of Cyprus, are in the market, providing consumers with a range of options to choose from.
To support these initiatives, the government has allocated €363 million in EU-backed funding as part of the Recovery and Resilience Mechanism for the period from 2021 to 2027. This funding aims to bolster projects related to innovation, energy, digital upgrades, manufacturing, and sustainability.
Furthermore, the energy ministry is set to release an industrial policy paper for 2025-2030 that will focus on the green transition, emphasising energy efficiency, the circular economy, and innovation as critical components. The ministry is also intensifying efforts to promote the installation of energy storage systems, with plans for specialised sponsorship schemes aimed at homes and businesses.
Additional measures being implemented include investments in new renewable energy source units and projects by the EAC, alongside initiatives from the interior and finance ministries that focus on urban planning and tax incentives to support environmentally friendly business investments.
