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Cyprus To Add 125MW Of Battery Storage Before Summer 2027

by THEFUTURE.TEAM

July 27, 2026

Electricity storage batteries are expected to arrive in Cyprus in January 2027, with installation scheduled to be completed before next summer’s peak demand season, Energy Minister Michael Damianos said on Sunday.

Storage Capacity Set To Expand Grid Flexibility

Damianos said contracts have already been signed with the supplier and the Transmission System Operator (TSO) for the battery storage project.

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Once operational, the facilities will add 125 megawatts (MW) of storage capacity to the national grid, allowing more renewable electricity to be stored instead of being curtailed during periods of excess generation. The minister said the system is expected to be operational before the summer of 2027.

Addressing Evening Demand

Cyprus currently has just over 1,000MW of conventional electricity generation, which Damianos said is generally sufficient during daytime hours. Demand becomes more challenging after sunset, when solar generation falls while electricity consumption, driven largely by air-conditioning, remains high.

He said battery storage will allow electricity generated during the day to be used during the evening peak.

Additional Projects Under Development

Damianos said approvals have also been granted for 150MW of privately owned battery storage projects, which are expected to become operational during 2027.

The Electricity Authority of Cyprus (EAC) is developing an additional 180MW of storage capacity. Two projects, with capacities of 80MW and 100MW, are expected to be completed before next summer.

According to the minister, several hundred megawatts of battery storage capacity are expected to be connected to the national grid by the end of 2027.

Power Supply Before The Batteries Arrive

Asked how electricity demand would be managed before the storage projects are completed, Damianos said the Transmission System Operator considers the system capable of meeting demand under normal operating conditions.

He said last week’s power supply disruptions were caused by a fault at one of the EAC’s generators and that both the utility and the TSO are working to maintain system reliability with the existing generation capacity.

Damianos added that, provided there are no unexpected outages, the electricity system is expected to remain stable, with the period immediately after sunset continuing to pose the greatest challenge.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.