Cyprus Faces Energy Strain As Cold Wave Hits: Authorities Call For Power Conservation

by THEFUTURE.TEAM

February 20, 2025

A cold wave sweeping across Cyprus threatens to test the island’s energy infrastructure in the coming days. Chará Kousiappa, spokesperson for the Cyprus Transmission System Operator (TSOC), warned that the country could face serious challenges as energy demand surges.

“It will be a tough situation,” Kousiappa told the Cyprus News Agency. “We’re already seeing very high demand, and we’re continuously assessing the situation. We hope things will go smoothly, but we’re ready to act if necessary.”

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The cold front is expected to hit shortly, with the most critical period for electricity demand falling between 6:00 PM and 9:00 PM—when renewable energy production drops off. During these peak hours, the power supply will be under significant pressure, as several key power units are offline due to scheduled maintenance or technical issues.

TSOC is closely monitoring the situation, and Kousiappa hopes that some of the power units currently under repair at the Dhekelia and Vasilikos stations can be brought back online before temperatures fall. She also emphasized the importance of energy conservation, urging the public to reduce electricity usage during peak hours and shift high-energy tasks, like laundry and dishwashing, to the day when solar power is at its peak.

As Cyprus braces for a difficult few days, authorities are calling on citizens to play their part in ensuring the stability of the island’s power grid.

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Digital Euro Moves Forward In EU Push For Payment Independence

by THEFUTURE.TEAM

April 28, 2026

Strengthening Strategic Autonomy

At an event held at the House of the Euro in Brussels on April 22, central bank officials discussed the role of a digital euro in strengthening the European Union’s financial independence. Participants included Stelios Georgakis, Payments Supervision Director at the Central Bank of Cyprus, and Joachim Nagel, President of the Deutsche Bundesbank.

Redefining Central Bank Role In A Digital Era

Nagel stated that the digital euro is no longer viewed solely as a technical development but also as part of a broader policy direction. He emphasized the need to strengthen Europe’s payment infrastructure to ensure resilience and independence. The digital euro is intended to complement cash rather than replace it, maintaining the role of central bank money in a more digital financial system.

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Reducing Dependence On Non-European Infrastructure

According to Nagel, around two-thirds of card payments in Europe currently rely on non-European systems. This reliance is seen as a structural vulnerability. A digital euro could help reduce this dependency by supporting a more integrated and locally controlled payments framework.

Legislative Roadmap And Timeline

Looking ahead, Nagel expressed a strong optimism regarding the legislative process, suggesting that completion could occur by year‑end. This progress may set the stage for the first issuance of the digital euro as early as 2029, in alignment with Europe’s broader ambitions for financial resilience and technological advancement.

Comprehensive Payments Strategy

During the discussion, Georgakis outlined the European Central Bank’s approach to payments. The strategy combines retail and wholesale systems, including instant payments, a digital euro, and infrastructure based on distributed ledger technology. Improving cross-border payment efficiency remains a key objective.

Transforming Europe’s Financial Landscape

The discussion reflected alignment between central banks, policymakers, and other stakeholders on the direction of Europe’s payment systems. Development of a digital euro is positioned as part of a broader effort to strengthen financial infrastructure, support economic resilience, and maintain the euro’s role in a changing global environment.

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