The Cyprus government is launching new Grant Schemes for energy storage in businesses and households, with a view to reduce electricity cost, President Nikos Christodoulides said on Wednesday.
Furthermore, he noted that the government is taking significant steps to enhance energy security by implementing energy storage technologies and increasing the penetration of Renewable Energy Sources into the country’s energy mix, while efforts to utilize Natural Gas within Cyprus’ Exclusive Economic Zone (EEZ) will be intensified in 2025.
Speaking during the presentation of the Government’s Annual Program for 2025, the President stated that, with the goal of reducing electricity costs, the government is launching new Grant Schemes for energy storage in businesses and households.
“We are introducing the new ‘Photovoltaics for All’ Scheme, specifically aimed at small businesses, and completing the opening of the competitive electricity market,” he said.
At the same time, he announced that the Liquefied Natural Gas (LNG) import terminal at Vasilikos is nearing completion, aiming to reduce the cost of conventional electricity generation.
Additionally, the President stated that efforts to utilize Natural Gas within Cyprus’ Exclusive Economic Zone (EEZ) will be intensified in 2025. Specifically, he mentioned that at least two new drilling operations will take place at the ‘Elektra’ and ‘Pegasus’ targets. Furthermore, on February 17, he will travel to Egypt to sign agreements for the commercial exploitation of the ‘Kronos’ and ‘Aphrodite’ gas fields.