Data, trends and challenges of Energy in Cyprus


The 3rd week of July began with a useful, productive and mutually beneficial meeting where issues of great importance were raised. Specifically, on July 17, 2023, the Minister of Energy, Trade and Industry, Mr. Giorgos Papanastasiou, together with Green Energy Group executives, presented to the representatives of the media and journalists, the data, trends and challenges of energy in Cyprus.

On the initiative of the Green Energy Group, it successfully held a meeting with the media in the center of Nicosia for a full update of our country’s Energy data.

The Minister, Mr. Papanastasiou, welcomed the meeting and proceeded to update the latest developments of the Ministry’s Energy strategy. Mr. Papanastasiou mentioned, among other things, that the energy system of Cyprus is currently in a process of complete restructuring and reformation, with the efforts to operate a competitive electricity market being at the center. As he continued, the developments in the important technological field of photovoltaic systems, in combination with the energy crisis, but also with the Ministry’s improved Grant Plans for production from RES for private consumption, through net-metering and net-billing, as well as virtual net -metering and net-billing, push more and more consumers to proceed with the installation of a photovoltaic system on the roofs of their buildings.

Afterwards, the CEO of the Green Energy Group, Mr. George Georgiou, presented Cyprus’ data regarding the achievement of the 2030 energy goals and the challenges facing the sector. He highlighted the need for all stakeholders to contribute and work together to achieve the 2030 goals.

Of particular concern are the RES cuts and the percentage of pollutants for which the consumer is indirectly asked to pay a fine.

In closing, Mr. Georgiou emphasized that without the appropriate infrastructures for energy storage, and readjustment of the energy targets, RES investments are at risk, which will significantly affect the non-achievement of the energy targets with serious economic consequences for all the citizens of our country.

Afterwards, the COO of the Group, Mr. Charalambos Kyriakou, presented the solutions that exist to address the challenges. With many years of experience in RES issues and vice-president of SEAPEK, Mr. Kyriakou pointed out the benefits of the smart grid, self-consumption through energy storage and the increase in capacity of regional substations. He emphasized the importance of support from third parties such as the state, EAC and financial institutions.

Mr. Thanasis Sakkas, commercial director of the GOODWE company in Europe and Africa, and which company is represented by the Green Energy Group in Cyprus, informed the media representatives about the current energy storage practices and challenges in Greece and Europe. Mr. Sakkas provided important information on how storage issues are handled in Europe as well as the outlook for further development.

Subsequently, Ms. Rupina Louka Asimenou, Marketing Manager of the Group presented the integrated solutions offered by the Green Energy group to private individuals, commercial consumers and for photovoltaic parks. Ms. Asimenou also presented the new corporate identity and parameters of the Group’s strategy, which indicates the commitment to integrated solutions in the Cypriot market in the Energy sector and to lead a new era of dynamic sustainable development, with the implementation of important projects of transformation and modernization of energy supplies in Cyprus.

The presenter and journalist Anna Maria Eftihiou had the role of coordinator of the presentations and indicated the most important elements of the presentations. Closing the presentations, he gave the floor to the attendees for interventions and questions to the speakers.

The constructive dialogue has contributed to the reliable information of the media and the communication of messages of solutions for further penetration and development of RES in Cyprus.