Cyprus Government Unveils New Energy Storage Grants To Slash Electricity Costs

by THEFUTURE.TEAM

January 30, 2025

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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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.

The Future Forbes Realty Global Properties

Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

Breaking news