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12° Nicosia,
23 May, 2024
 
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Cyprus struggles as 70% of green power goes to waste

Private sector investments fail to energize Cyprus' renewable future

Andreas Karamitas

In a pivotal discussion held yesterday by the Parliamentary Committee on Energy, Trade, Industry, and Tourism, the pressing issue of energy storage from renewable sources and hydrogen took center stage.

Stakeholders emphasized the critical role of energy storage as a cornerstone for advancing the electricity market. Despite substantial investments by the private sector in storage infrastructure, progress has been stagnant since 2021, with persistent challenges remaining unresolved.

Mr. Fanos Karandonis, President of the Electricity Market Association, voiced concerns to "Κ" about the regulatory landscape. While efforts have been underway since 2021 to license and develop energy storage projects, there's a growing realization that regulatory bodies, particularly at the European Commission level, are granting exemptions that favor the dominant Electricity Authority of Cyprus (EAC), complicating matters for other stakeholders eager to contribute.

Moreover, the imminent opening of the electricity market promises some relief, with potential compensation mechanisms on the horizon. However, the current situation, where energy cuts are imposed uniformly on all private producers and suppliers regardless of their customer base, poses significant challenges.

Failure to address these issues promptly could lead to dire consequences for the Cyprus electricity market, including the potential collapse of numerous businesses and the loss of thousands of jobs.

Reflecting on past events, it becomes evident that the lack of decisive action, coupled with the delay in fully operationalizing the electricity market, presents a formidable obstacle to immediate change.

The uncertainty surrounding these developments further exacerbates the situation, jeopardizing the stability of key players in the energy sector and impeding its growth trajectory.

Urgent measures are therefore imperative to address the challenges facing renewable energy sources (RES) and ensure the sustainable development of the energy sector. Leveraging Cyprus's abundant RES potential requires strategic planning and responsible management, offering not only environmental benefits but also economic opportunities for the nation.

[This article was translated from its Greek original]

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Cyprus  |  energy  |  solar

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