Cyprus Eyes Renewable Shift with New Turbine and Energy Communities

Renewable Energy in Cyprus: A Road to Transformation

In the heart of the Mediterranean, Cyprus stands at a crossroads in its energy journey. Despite being endowed with generous sunlight, the island’s transition to renewable energy has been less than swift. Two recent developments have brought this issue into sharper focus, revealing both challenges and potential solutions.

The Electricity Authority of Cyprus (EAC) has been in the news with its new president announcing that the latest turbine at the Vasilikos power plant is currently limited to running on natural gas. However, there is a silver lining: with modifications, it could also operate using hydrogen. This opens up a conversation about the future role of green energy sources in Cyprus’s energy mix.

Meanwhile, the Cyprus Scientific and Technical Chamber (ETEK) penned a compelling letter to the Cyprus Energy Regulatory Authority (CERA), advocating for an expedited rollout of ‘Energy Communities.’ This concept, already flourishing in parts of Europe, encourages collective investment in solar parks by individuals, small businesses, and communities. It’s a step beyond the ‘photovoltaics-for-all’ initiative, aiming to democratize energy production and drive down costs.

The past decade has seen a meandering path for renewable development in Cyprus. Licensing hurdles have often meant that awarded entities spend precious time securing finances and technology, leading to expensive renewable electricity that does little to alleviate Cyprus’s high energy prices. The call is clear: competitive bidding must become the norm for future projects to avoid these pitfalls.

A Role for Green Hydrogen?

Green hydrogen, produced through electrolysis using renewable energy, stands as a beacon of hope for replacing fossil fuels in various industries. However, its production is not without challenges. The significant loss of energy value during conversion and the vast amounts of renewable power required for its creation mean that green hydrogen is not yet a panacea for electricity generation.

The European Union’s ambitious REPowerEU plan underscores the need for a massive scale-up in renewable capacity to meet climate targets. Yet, with current solar installations and the slow pace of green hydrogen projects, there’s a long road ahead.

Can Cyprus Harness Hydrogen?

Cyprus’s abundant solar potential positions it as a candidate for green hydrogen production. But reality checks abound: the current solar capacity is modest, and substantial land is needed for significant hydrogen production. While Cyprus dreams of becoming a green hydrogen hub, it must first bolster its renewable energy infrastructure.

Immediate priorities include transitioning from diesel and heavy fuel oil to natural gas at Vasilikos and accelerating renewable projects like ‘Energy Communities.’ With these steps, Cyprus could eventually harness its sunlight bounty not just for immediate energy needs but also as a player in the emerging green hydrogen market.

As the island nation charts its course towards a greener future, stakeholders and policymakers must navigate the complexities of energy transformation with strategic planning and innovation. With careful stewardship, Cyprus’s abundant sunlight could indeed become its most valuable resource.

Renewable Energy
Send a request and get a free consultation:

Business Cyprus News, Discover innovative Cyprus Co.

December 2024
Cyprus Economic Growth Indicator Stable in June Amid Lease Trends
The year-over-year growth rate of the Cyprus Composite Leading Economic Index remained stable in June. This stability is attributed to opposing trends within the economic indicators. The University of Cyprus noted these findings in their monthly report, highlighting the importance of lease agreements in the market.
Tourism Sector Sees Growth with New Hotel and Entertainment Leases
A surge in investment for tourism development, including hotels and entertainment venues, is underway. Efforts focus on upgrading staff, food, and service quality. Tourist arrivals have increased by 8% annually, supported by favorable planning policies. Leasing opportunities are also expanding.
Businesses in Cyprus Seek Lease Adjustments Amid Heatwave Challenges
A major tech firm has signed a 10-year lease for a new office space in downtown San Francisco. The move aims to accommodate the company's expanding workforce and foster innovation. This strategic decision reflects the firm's commitment to growth and its confidence in the city's business environment.
Expand your business in international markets with minimal tax burden. Our experts will guide you, provide free consultation, and handle paperwork. With us, enjoy a favorable tax system, stable legislation, and global payment systems. Register your company, set up a bank account, and scale effectively. Take advantage of Cyprus' low corporate tax rate and simple registration. Join us and thrive internationally!

No results found.

Thanks for the apply!
We will get back to you within 1 business day
You can schedule a call time at your convenience now:
In the meantime, you can get a free consultation
with our AI-assistant