Cyprus Loses 167,000 MWh Of Renewable Energy In 2024 Amid Lack Of Storage Solutions

by THEFUTURE.TEAM

February 5, 2025

Cyprus wasted a staggering 167,000 megawatt hours (MWh) of renewable energy in 2024 due to insufficient storage infrastructure, leaving MPs and solar panel owners frustrated as electricity bills continue to rise.

Members of the Parliamentary Committee on Commerce, Industry, Energy, and Tourism expressed their dismay over the significant loss of energy, which could have been utilized during periods of peak demand. The lack of planning for energy storage infrastructure has left the country’s renewable energy potential untapped, with no clear strategy from the government on how to store and distribute the surplus energy generated from renewable sources.

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The committee criticized both the government and key agencies, including the Electricity Authority of Cyprus (EAC) and the Ministry of Energy, for their lack of coordination. Committee Chairman Kyriakos Hadjiyiannis from the Disy party blasted the authorities for their “absolute absence of policy,” accusing them of misleading citizens into investing in solar panels without ensuring the necessary grid and storage infrastructure was in place to support it.

Akel MP Costas Costa echoed this frustration, pointing out that many areas of Cyprus can no longer accommodate additional solar power due to grid limitations. “People who installed solar panels to save on energy costs are now facing electricity bills of €300-400, compared to €60-70 just two months ago,” Costa said, blaming past decisions for the ongoing crisis.

MPs have called on the government and the EAC to provide answers on when grid upgrades will allow the full integration of solar power. Despite plans for a storage system covering large solar parks, it remains unclear when households will benefit from the system. The committee also urged for a digital tracking system for photovoltaic (PV) applications to ensure greater transparency.

In response, Dipa MP Michalis Giakoumis accused the government of dishonesty, describing the situation as “borderline fraud” and demanding a roadmap for energy storage to prevent further losses of renewable energy.

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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.

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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.

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