The Electricity Authority of Cyprus (EAC) is moving ahead with plans for greener energy production, so the island can achieve its EU 2020 goals, which state that 16% of all electric energy is produced from renewable energy sources (RES).
While admitting that the transition away from oil-powered facilities to natural gas remains the greatest challenge for the EAC.
Its chairman Andreas Marangos said that the organization is also faced with the challenge of implementing RES projects which are vital for Cyprus.
He said that if the country’s RES targets are not met, Brussels is likely to impose sanctions that will have an economic impact on the state and the public.
On projects involving renewable energy sources, Marangos said that the EAC has recently concluded an agreement with the Church of Cyprus for the construction of a photovoltaic park in Limassol’s Achera area. The facility is projected to generate 66 Megawatts and is to be completed in two stages on church land.
Marangos reminded the public that the authority has set in motion the photovoltaic park in Tseri with a capacity of 3 MW and has plans to go ahead with the construction of a 20MW solar energy park in Akrotiri, Limassol.
According to the current energy production breakdown presented by Marangos, the Vasiliko power station generates 62.7% of the grid’s electrical power, followed by the Dhekelia station with 36.5% and the Moni station with 0.8%.
Marangos said that on the basis of a decision of Cyprus’ Energy Regulatory Authority, EAC has plans for the installation of 400,000 smart meters, replacing existing ones.
"This massive smart meter installation, to be completed over eight years, is the precursor of transforming the distribution network into a smart grid. Through the two-way flow of energy and information, the goal of sustainable energy development will be achieved, " he said.
Marangos presented the organisation’s activity report for 2017 at a press conference in Nicosia.
According to EAC’s chairman, the organization generated profits of EUR 50.7 mln in 2017, dropping from EUR 65.8 mln in 2016, despite sales rising by EUR 94.4 mln, or 18.3 per cent, last year.
