New Legislation To Revolutionize Energy Storage In Cyprus

by News Editor

April 11, 2025

After much anticipation, the Cyprus Parliament unanimously passed a pivotal law enabling the storage of electrical energy. This significant move, driven by persistent efforts from Energy Minister Giorgos Papanastasiou, brings Cyprus a step closer to energy stability.

The Role Of Energy Storage

The new law grants the Transmission System Operator of Cyprus the responsibility to implement and manage energy storage systems. Collaborations with the Electricity Authority of Cyprus aim to stabilize the island’s isolated electrical grid and minimize the risks of power shortages. This initiative is vital in reducing the curtailment of green energy, particularly from photovoltaic sources, due to overproduction.

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Political Dynamics And Unified Agreement

The legislative journey was not without its complexities. Notably, amendments proposed by the Energy Committee’s Chairman, Kyriakos Hadjiyiannis, were reshaped by a majority, reflecting the European Union’s directive for state-backed energy storage solutions. Despite initial resistance, all parties, including the opposition and the Democratic Rally party, expressed unanimous support for the revised bill.

This development not only paves the way for energy resilience in Cyprus but also aligns with broader European environmental goals, solidifying Cyprus’s role as a forward-thinking player in regional energy advancements.

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Digital Euro Moves Forward In EU Push For Payment Independence

by THEFUTURE.TEAM

April 28, 2026

Strengthening Strategic Autonomy

At an event held at the House of the Euro in Brussels on April 22, central bank officials discussed the role of a digital euro in strengthening the European Union’s financial independence. Participants included Stelios Georgakis, Payments Supervision Director at the Central Bank of Cyprus, and Joachim Nagel, President of the Deutsche Bundesbank.

Redefining Central Bank Role In A Digital Era

Nagel stated that the digital euro is no longer viewed solely as a technical development but also as part of a broader policy direction. He emphasized the need to strengthen Europe’s payment infrastructure to ensure resilience and independence. The digital euro is intended to complement cash rather than replace it, maintaining the role of central bank money in a more digital financial system.

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Reducing Dependence On Non-European Infrastructure

According to Nagel, around two-thirds of card payments in Europe currently rely on non-European systems. This reliance is seen as a structural vulnerability. A digital euro could help reduce this dependency by supporting a more integrated and locally controlled payments framework.

Legislative Roadmap And Timeline

Looking ahead, Nagel expressed a strong optimism regarding the legislative process, suggesting that completion could occur by year‑end. This progress may set the stage for the first issuance of the digital euro as early as 2029, in alignment with Europe’s broader ambitions for financial resilience and technological advancement.

Comprehensive Payments Strategy

During the discussion, Georgakis outlined the European Central Bank’s approach to payments. The strategy combines retail and wholesale systems, including instant payments, a digital euro, and infrastructure based on distributed ledger technology. Improving cross-border payment efficiency remains a key objective.

Transforming Europe’s Financial Landscape

The discussion reflected alignment between central banks, policymakers, and other stakeholders on the direction of Europe’s payment systems. Development of a digital euro is positioned as part of a broader effort to strengthen financial infrastructure, support economic resilience, and maintain the euro’s role in a changing global environment.

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