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Electricity Authority Of Cyprus Unveils Key 2024 Financial And Operational Milestones

by THEFUTURE.TEAM

November 18, 2025

The Electricity Authority of Cyprus (EAC) delivered its annual operational report for 2024, outlining significant progress in cost management, profitability, and renewable energy initiatives. The report, presented by Chairman Giorgos Petrou to government officials and the media, detailed strategic adjustments that have yielded a net profit of €37 million against total revenue of €1.2 billion.

Streamlined Cost Control And Profit Growth

The EAC reported spending €211 million on greenhouse gas emissions allowances – a reduction of €45 million compared to 2023 – benefiting from a decrease in the unit price of allowances. Despite an 8.5% rise in payroll costs driven by new hires and cost-of-living adjustments, the systematic allocation of operating expenses underscores the authority’s disciplined fiscal management. Fuel purchases remained the dominant expense, accounting for 73% of operating costs, while materials and maintenance led to marginal contributions of 4% and 3% respectively. Operating profit reached €57 million prior to interest and tax expenses.

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Expanded Renewable Energy And Technological Upgrades

The utility’s flagship Vasiliko power station continues to generate the majority of electricity at 69%, with Dhekelia and Moni power plants contributing 29% and 1% respectively. In a move to modernize operations, Petrou announced that Vasiliko’s turbines have been modified for natural gas operation – pending final tests – signaling an important shift in fuel versatility.

Fuel prices fell by 4.7% during the year, even as electricity demand increased by 5.6%, reflective of evolving consumption patterns. However, the inability to export surplus renewable energy has necessitated production throttling. To address this challenge, the EAC is investing in multiple energy storage systems at transmission substations, ensuring a more resilient and adaptive energy grid.

Infrastructure Investments And Future Prospects

The authority is also expanding its footprint in solar energy, with operational solar parks at Akrotiri and Acheras delivering electricity at a competitive cost of 5 cents per kilowatt-hour. Plans for additional solar facilities are underway. Additionally, grid modernization is in progress through the rollout of smart meters, with an ambitious target of installing 400,000 units – 150,000 of which are already operational.

To support these extensive upgrades, the EAC has applied for a €215 million loan from the European Investment Bank, dedicated to the enhancement of transmission and distribution networks. These strategic initiatives mark a forward-thinking approach to energy management, underscoring the EAC’s commitment to operational excellence and sustainable growth.

The Future Forbes Realty Global Properties

by News Editor

August 24, 2026

Courts Are Still Applying Old Copyright Rules To AI

AI companies train models on enormous amounts of published material, including books, articles and academic research. Whether using that content without authors’ permission violates copyright law remains unresolved.

Much of the debate centres on fair use, which allows copyrighted material to be used without permission in certain circumstances. Courts consider factors such as the purpose of the use, how much material was involved and its impact on the original market.

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Anthropic Case Sets An Important Precedent

A major case involving Anthropic and a group of authors provided one of the clearest rulings so far. Judge William Alsup found that using copyrighted books to train AI models was lawful, comparing the process to people reading and studying literature before creating something new.

Anthropic was nevertheless ordered to pay $1.5 billion in a settlement. The penalty concerned books the company had obtained from illegal online libraries rather than the AI training itself.

For AI companies, that distinction could prove significant because it separates studying copyrighted material from directly copying it.

Competition Could Be The Key Issue

A case involving Thomson Reuters and Ross Intelligence offers a different perspective. A court ruled that Ross could not claim fair use after using Reuters’ copyrighted material to develop a competing AI-powered legal research platform.

The decision suggests courts may be less willing to consider AI training fair use when copyrighted content is used to build a product that directly competes with the original.

For authors, an unresolved question is whether AI-generated content should be considered competition for the works used to train these models.

The Law Has Yet To Catch Up

US copyright law predates generative AI by decades, leaving courts to apply old principles to new technology. Questions also remain over copyright protection for AI-generated works. In Thaler v. Perlmutter, a court ruled that material created entirely by AI cannot receive copyright protection.

Major AI companies remain involved in copyright litigation, and different courts could reach different conclusions. For now, there is no universal rule: the legality of AI training will depend on the circumstances of each case and how courts ultimately interpret copyright and fair use.