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6 clusters · 8 sources · 33 days · First seen · Last updated

Categories: BUSINESS · TECHNOLOGY · POLITICS

Cyprus electricity gap amid offshore gas project

Entities: Electricity Market Association of Cyprus · photovoltaic plants · Michael Damianos · Eni · Republic of Cyprus

Overview

In late June 2026 analysts warned that Cyprus would face a serious electricity shortfall after 2029 when several steam units at the Dhekelia and Vasilikos plants retire, halving conventional capacity. The government’s response is a package aimed at cheap, climate‑neutral power and improved system adequacy. The Energy, Trade and Industry Ministry, led by Michalis Damianos, plans to finish the partially built Vasiliko gas‑turbine plant by 2030 and commission new gas‑fired units in 2028‑2029 to back up expanding solar generation. Over 360 000 smart meters have been installed ahead of a 2026 deadline, and EU‑funded projects worth about €120 million support network upgrades. Battery storage is central. Contracts for 125 MW of storage, announced on 26 July 2026, will be delivered in January 2027 and installed before the summer, adding to the regulator‑approved 150 MW of private‑sector storage and CEPA’s 180 MW programme (80 MW and 100 MW expected by mid‑2027). Several hundred megawatts of storage should be operating by the end of 2027, helping to curb prices and improve reliability. On 31 July 2026 the government gave regulatory approval to develop the Cronos offshore gas field – Cyprus’ first commercial offshore reserve – with production slated for 2028. Gas will be processed in Egypt and exported as LNG, contributing to Europe’s diversification of supplies. Ministers stressed that natural‑gas delivery is essential to offset the loss of up to half of conventional generation by 2030, and highlighted a 120 MW storage facility expected to be operational from next January. The Cyprus Electricity Market Association warned on 27 July 2026 that delays in issuing connection terms are slowing storage projects, contributing to high PV curtailment – 66 % in April – and lost residential solar output that could have powered roughly 7,500 households.

Timeline

  1. 7 days ago

    [BUSINESS] 2 sources
    Cyprus approves first offshore gas project as power shortage looms

    Cyprus approved the Cronos offshore gas field, targeting 2028 output via Egypt, while facing a potential 750 MW electricity shortfall by 2030 unless new gas supplies and interconnections are secured.

  2. 11 days ago

    [BUSINESS] 2 sources
    Cyprus Electricity Market Association urges faster energy storage to curb PV curtailment

    Cyprus' Electricity Market Association calls for quicker deployment of storage to cut electricity costs and prevent 66% PV curtailment, citing delays that deter investment and waste enough solar power for 7,500

  3. 12 days ago

    [TECHNOLOGY] 3 sources
    Cyprus to add 125 MW of battery storage by summer 2027

    Cyprus will receive 125 MW of battery storage in January 2027, with full installation by summer 2027, alongside private and utility projects totalling up to 330 MW to boost renewable use and grid stability.

  4. 15 days ago

    [POLITICS] 3 sources
    Cyprus Energy Minister Damanios vows cheaper power, storage expansion

    Cyprus Energy Minister Damanios outlines cheaper electricity goals, battery storage targets (120 MW by 2027, 600 MW by 2030), upcoming gas units, smart‑meter rollout, and a solar water‑heater subsidy.

  5. about 1 month ago

    [POLITICS] 3 sources
    Cyprus Energy Minister warns of 2030 electricity shortfall without natural gas

    Cyprus' energy minister warns that without natural gas the country will face an electricity shortage by 2030 and says finishing the Vasiliko project is essential.

  6. about 1 month ago

    [BUSINESS] 2 sources
    Cyprus faces electricity shortfall after 2029 plant retirements

    Cyprus risks electricity shortages after 2029 when major steam units close, leaving only 728 MW of conventional capacity and prompting calls for gas turbines, storage and renewables.

Sources

calaboucodamorticiablog.wordpress.com · cyprus-mail.com · dialogos.com.cy · economytoday.sigmalive.com · omegalive.com.cy · politis.com.cy · sigmalive.com · typos.com.cy

This summary has been updated 2 times: see revision history