Cyprus Energy Minister Damanios vows cheaper power, storage expansion

Energy Minister Michalis Damanios said the government's priority is to deliver cheaper electricity while ensuring a safe, competitive and climate‑neutral power system. He highlighted the role of energy storage, noting that 120 MW of battery capacity will be installed by summer 2027 and the target of about 600 MW by 2030. Damanios also stressed the need for domestic natural‑gas supplies before 2030 to back up solar generation, with new gas‑fired units expected to be commissioned in 2028‑2029. The minister reported that more than 360,000 smart meters have already been rolled out ahead of the 2026 deadline and that EU‑funded projects totalling roughly €120 million support network upgrades. He addressed rising fuel prices, attributing them to Middle‑East market dynamics, and announced a temporary suspension of the consumption tax on fuel for July‑August. A new subsidy scheme of up to €900 for solar water‑heater installation was also introduced.