CERA: Share of energy consumption from RES at 17.2%

The share of energy consumption from renewable energy resources (RES) in 2022 reached 17.2% in Cyprus and is expected to increase further in 2023 and in the following years.

This, according to the annual report of the Cyprus Energy Regulatory Authority (CERA) for 2022, which was delivered to President Nikos Christodoulides by CERA President Andreas Poullikkas, Vice President Filippos Filippou and Member Neophytos Hatzigeorgiou.

Eurostat data show that Cyprus currently ranks as the seventh most expensive country in the European Union in terms of electricity.

A CERA press release said that the rapid increase in the cost of liquid fuels and the cost of carbon emission trading has increased the cost of electricity to unprecedented levels. In order to solve the problems concerning energy transition of electrical systems of isolated islands, such as Cyprus’, in the short term, an upgrade of the electrical network is needed, so as to increase flexibility of the electrical system, alongside the use of natural gas and energy storage technologies and an increase in renewable energy sources into the energy balance of Cyprus without significant cuts in renewable electricity production, it said.

Regarding renewable energy, approximately 606 megawatts of photovoltaic systems, 157 megawatts of wind systems and 13 megawatts of biomass systems are in operation, i.e., a total installed capacity of 776 megawatts.

The total installed capacity of conventional power generation units amounts to 1488 megawatts, i.e. 34% of the installed capacity concerns renewable energy systems.

Regarding the contribution of renewable energy in the final annual electricity consumption in 2022 it has reached 17.2% and is expected to increase further in 2023, and the following years.

CERA said the cost of energy remains at high levels in Cyprus. In the short term, the observed increases in electricity tariffs will continue until the reduction of the cost of purchasing liquid fuels and the cost of purchasing greenhouse gas emission rights or until the use of natural gas for electricity generation at a competitive price.