{"id":25379,"date":"2025-01-07T09:02:21","date_gmt":"2025-01-07T09:02:21","guid":{"rendered":"https:\/\/greenenergy.com.cy\/res-as-a-driver-of-sustainable-development-of-our-economy\/"},"modified":"2025-01-07T09:43:42","modified_gmt":"2025-01-07T09:43:42","slug":"economy_today_interview_res","status":"publish","type":"post","link":"https:\/\/greenenergy.com.cy\/en\/economy_today_interview_res\/","title":{"rendered":"\u201cRES as a driver of sustainable development of our economy\u201d"},"content":{"rendered":"

By Mr. Georgiou Georgiou
\nCEO, Green Energy Group<\/p>\n

2024 was a pivotal year for the Renewable Energy Sources (RES) sector in Cyprus, marking significant developments in the energy transition and the sustainable development of the Cypriot economy. The country made notable strides in increasing installed capacity and in the institutionalization of new policies to support the sector. However, in 2025, new challenges emerge that require coordinated actions, strategic reforms for further development and licensing of new RES investments.<\/p>\n

The challenges facing Cyprus<\/strong><\/p>\n

Great concern and caution about new RES investments prevails among new and existing investors who play an important role in the market. Although Cyprus has rich solar potential and therefore these investments could have a high return, the limited availability of the grid for system connection and the numerous energy cuts of existing projects \u2013 exceeding 30% in 2024 \u2013 force investors to reconsider the viability and risk of investments.<\/p>\n

Licensing procedures remain a significant challenge as delays discourage investors in RES projects. Therefore, it is necessary to create a central digital system, which will quickly and efficiently serve licensing, mainly for storage projects. At the same time, the use of European funding is essential for the implementation of large-scale projects, strengthening Cyprus’s position on the energy map.<\/p>\n

The delay in upgrading the electricity grid in combination with the increased production of energy from RES, burden existing investments and lead to power outages. For a smooth flow of electricity, grid efficiency and a smooth energy transition of the country, the modernization of the grid is required. At the same time, investment in Smart Grids, modern energy management infrastructure, the integration of hybrid storage systems and investment in artificial intelligence (AI) will enhance energy efficiency, without losses of green energy.<\/p>\n

An equally important challenge is the Opening of the Competitive Electricity Market. The liberalization of the market is possible, as long as the country’s energy planning is headed in the right direction. Deviation from the Target Model circumvents the principles of competition and strengthens the monopoly regime. The Target Model, in contrast to the Single Buyer Model, is applied at the European level and its efficiency is established through scientific data.<\/p>\n

Development prospects and new investments<\/strong><\/p>\n

The prospect of energy interconnection through the Great Sea Interconnector<\/strong> project will strengthen Cyprus’ position as an energy hub in the Eastern Mediterranean.<\/p>\n

Great Sea Interconnector<\/strong>
\nOpportunity for energy extroversion<\/p>\n

The idea of \u200b\u200bthe Cyprus-Crete-Israel interconnection, through the implementation of the Great Sea Interconnector project, is an opportunity for the island to expand its reach into the European energy market with particular geopolitical importance and benefits. However, broader concerns prevail as full transparency is required in the way the project operates, technical and commercial problems are eliminated, as well as ensuring its sustainability and financing.<\/p>\n

Undoubtedly, the operation of the project should establish healthy competition in the production and supply of electricity, which will be determined within the framework of a comprehensive strategic plan, following study and design.
\nMega-projects, such as the Great Sea Interconnector, must include safeguards so that, on the one hand, a new monopoly is not created – but rather domestic production of green or conventional electricity is encouraged – and, on the other hand, the country is not made energy dependent on a single source.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mr. Georgiou Georgiou CEO, Green Energy Group 2024 was a pivotal year for the Renewable Energy Sources (RES) sector…<\/p>\n","protected":false},"author":5,"featured_media":25377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-25379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-news-en"],"yoast_head":"\n\u201cRES as a driver of sustainable development of our economy\u201d | Green Energy Group<\/title>\n<meta name=\"description\" content=\"In an interview with Economy Today, Mr. Georgios Georgiou states that "RES are a lever for sustainable development of our economy."\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/greenenergy.com.cy\/en\/economy_today_interview_res\/\" \/>\n<meta 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