In a bold move to combat rising energy costs and strengthen energy security, Cyprus President Nikos Christodoulides has announced new government grant schemes for energy storage systems aimed at both businesses and households.
The initiative is designed to reduce electricity costs by promoting the use of energy storage technologies and increasing the share of Renewable Energy Sources (RES) in the national energy mix. Christodoulides emphasized that this move is part of broader efforts to enhance energy security across the island.
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During the presentation of the Government’s Annual Programme for 2025 on 29 January, the President revealed that the government is launching the “Photovoltaics for All” scheme, targeting small businesses. This initiative is set to play a key role in encouraging businesses to invest in solar energy solutions, thus lowering their energy bills. Additionally, the competitive electricity market is expected to open fully, giving consumers more choice and flexibility.
The government is also making significant strides to improve Cyprus’ energy infrastructure, with the Liquefied Natural Gas (LNG) terminal at Vasilikos near completion. This project is expected to reduce the reliance on conventional electricity generation methods and help lower overall electricity costs.
Looking further ahead, the President confirmed that efforts to exploit natural gas reserves in Cyprus’ Exclusive Economic Zone (EEZ) would intensify throughout 2025. Specifically, he announced plans for two new drilling operations at the ‘Elektra’ and ‘Pegasus’ targets. On top of that, President Christodoulides is set to travel to Egypt on 17 February to sign agreements aimed at the commercial development of the ‘Kronos’ and ‘Aphrodite’ gas fields, marking a significant step in Cyprus’ energy strategy.
