The Cyprus Electricity Authority (EAC) has a very important role in market reform, contributing to the country’s sustainable economic growth using cleaner energy sources, said Energy Minister Natasa Pilides.
During an online presentation of EAC’s Annual Report 2019, Pilides said that since 2018 the total percentage of RES contribution to gross energy consumption exceeded 13% which meets the EU target for 2020.
She that Cyprus is also focusing on the completion of infrastructure projects for the arrival of natural gas and the EuroAsia Interconnector.
To this end, she welcomed the upgrade of EAC systems to facilitate these projects of strategic importance.
EAC Chairman Michalis Komodromos said the vision is to maximize the value of the utility in an environment of multiple changes and high demands, created by the opening of the energy market in Cyprus, as well as 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…the EAC is preparing rapidly to support the opening of the Electricity Market,” said Komodromos.
He said the EAC has installed an Environmental Protection System that reduces Nitrogen Oxide emissions in the Internal Combustion Unit No. 1 at Dhekelia Station.
“Work is also underway to install corresponding environmental protection systems at Units 1-3 at Vasiliko Station”.
“The effort of disengaging itself from fossil fuels includes the EAC’s participation in the share capital of ETYFA (LNG terminal) with a percentage of 30%, which corresponds to an amount of €43 mln.”
Komodromos said that the EAC is also investing in the RES sector in its efforts to disengage from fossil fuels by utilising alternative renewable energy sources.
“As EAC we are proceeding with several Photovoltaic projects.”
They include the photovoltaic Park in Akrotiri, Limassol which, development of large PV Parks in the area of Achera, installation of PV systems at EAC facilities, and the PV Park of Agios Ioannis.
Komodromos said the authority has reduced all its customer bills by 10% for six months, absorbing the cost of over €30 mln.
“During this critical period, the EAC did not proceed with any interruption of electricity supply to any consumer.”
Total revenue of the EAC in 2019 amounted to €838 mln while total expenses reached €779 mln. The operating profit amounted to €59 mln.