The role of the Electricity Authority Cyprus is crucial to both the implementation of the energy reform in Cyprus and the joint effort for sustainable economic development, which must now be interconnected with green energy, energy minister Natasa Pilides said, addressing an online press conference during which the EAC presented its annual report for 2019.
Regarding renewable energy sources, she said that since 2018 the total percentage in gross final energy consumption exceeded 13% which was the mandatory target for 2020 and thanked the EAC that contributed significantly to this goal.
She noted that Cyprus’ main goal is the completion of natural gas infrastructure projects such as the Euro Asia Interconnector.
Chairman of the EAC board Michalis Komodromos said that the EAC’s vision is to maximize the value of the organisation in an increasingly changing and highly-demanding environment brought about by the liberalization of the energy market in Cyprus, as well as by the wider international changes on the energy map.
“In our country we are going through a period characterized by great changes and challenges that mark the opening of the electricity market. A particularly positive development for the EAC is its successful compliance with the provisions of the regulatory decision of CERA, regarding the Operational Unbundling of its Activities. The EAC is preparing rapidly to support the opening of the electricity market,” he noted.
He also referred to the EAC’s response to the pandemic, noting that it moved to decrease its customers’ bills by 10% for a period of six months, a move that amounted to over €30 million. During the critical months we went through, Komodromos said, the EAC ensured a continuous supply of electricity.
Regarding finances, Komodromos said the total revenue of the EAC in 2019 amounted to €838 million while the total expenses reached €779 million. The operating profit amounted to €59 million. He also said that projects with investments exceeding €130 million are planned for the next five years.
In addition, he said that as part of work carried out for the distribution system owner, 152km of medium and low voltage overhead lines and 248km of medium and low voltage underground cables were installed, while 148 overhead transformers and 69 land distribution substations were installed.
As regards consumers, he said that the focus is on upgrading and modernizing network user support and procedures will soon be automated for the benefit of the user, who will receive online service.
Komodromos also said that the EAC has installed an environmental protection system that reduces Nitrogen Oxide emissions in the Internal Combustion Unit 1 at Dhekelia Station.
“Work is also underway to install corresponding environmental protection systems, with technologies for reducing nitrogen oxide and sulphur dioxide emissions as well as dust levels at Units 1-3 at Vasilikos Station,” he pointed out.
Moreover, he said that the EAC supply unit continued the promotional campaign of the electronic e-bill account. The number of customers who received their bill electronically at the end of 2019 increased from 38,000 to 63,800, an increase of about 68%.
“During 2019, the EAC continued to embark on an upward path. This is confirmed by the progress of the development projects and the increase in electricity sales,” he said.
Total electricity sales amounted to 4,615 GWh (Giga Watt Hours) recording an increase of about 1% compared to 2018. The number of customers also increased slightly by 1% (from approximately 576,000 in 2018 to 582,000 in 2019).