Breaking news

EAC Executes €92 Million In EU Co-Financed Projects

The Cyprus Electricity Authority (EAC) is currently managing projects worth a total of €92 million, co-financed by the EU. These initiatives are part of the “THALEIA 2021-2027” Political Cohesion Program, with the EU covering 70% of the funding.

Major Projects Overview

  • Transmission Infrastructure Upgrades (€43 million): This involves the installation and enhancement of transmission substations and other electrical equipment to ensure more reliable power delivery.
  • Geographic Information System Expansion (€5 million): The development and expansion of GIS capabilities to improve the management and planning of the electrical network.
  • Optical Fiber Network Implementation (€17 million): Integration of optical fiber within the distribution system to enhance communication and data transfer efficiency.
  • Distribution System Automation (€27 million): The installation of SCADA/ADMS systems to automate and optimize the distribution network, improving response times and reliability.
  • Transmission Line Upgrades (€10 million): Utilizing the reconductoring method to enhance the capacity and efficiency of existing transmission lines.

Strategic Goals

These projects aim to modernize Cyprus’s electrical infrastructure, increase efficiency, and enhance the overall reliability of the power grid. The emphasis on automation and advanced technology integration aligns with broader EU objectives of creating a more resilient and sustainable energy network.

The successful execution of these projects is expected to have a significant positive impact on Cyprus’s energy sector, fostering economic growth and ensuring a more stable power supply. This initiative reflects a strategic commitment to leveraging EU funds to bolster national infrastructure, thereby supporting long-term development goals.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter