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The government plans to complete a new energy storage system, along with storage installations at two Electricity Authority of Cyprus (EAC) power plants, by June 2026, Government Spokesperson Konstantinos Letymbiotis said Monday. The goal, he added, is to implement measures that address longstanding distortions and gaps in the energy sector as quickly as possible.
Letymbiotis also confirmed that the government is moving forward with a competitive electricity market. The market is scheduled to open on Sept. 15, with commercial trading beginning Oct. 1, 2025.
When asked to respond to comments by Kyriakos Chatzigiannis, chairman of the Parliamentary Committee on Energy, Letymbiotis said, “We have heard the chairman speak. We have responded many times very specifically, and we will respond once again.”
He emphasized that the government aims to end what he described as “energy stagnation” by implementing long-delayed measures. “From what I have heard, Mr. Chatzigiannis himself acknowledges that longstanding distortions exist,” Letymbiotis said.
Regarding the energy storage system, Letymbiotis said the project is advancing “through rapid procedures.” He said the system is on track to be completed by June 2026 and will work in combination with storage installations at two EAC power plants. At the same time, the government has approved the upgrade of the Dekelia power plant and the replacement of older production units, he said, adding that work on the project is already underway.
“After a multi-year transitional period,” he said, “the current government is moving forward with a competitive electricity market. The market opening is scheduled for Sept. 15, with commercial trading beginning Oct. 1, 2025. New plans also foresee the use of energy storage systems for consumers.”
Letymbiotis described this as a second stage in the government’s efforts to expand renewable energy. “These initiatives will allow households and small businesses access to cheaper electricity and help relieve pressure on the electricity network,” he said.
He also noted progress on the Vasilikos project and the FSRU Prometheus, describing it as “the largest property value project,” now under the Republic of Cyprus’s ownership, with technical support for its completion provided by an international consultant.
“The energy sector has long been a challenge for Cyprus as an energy-isolated island,” Letymbiotis said. “This government has set clear, concrete goals, and the efforts are ongoing daily. This is progress that normally takes decades, and it cannot happen overnight. But a step-by-step plan is in place so that consumers can feel the impact in their electricity bills.”
