Smart Meter Deployment Expands Across Cyprus: Enhancing Energy Infrastructure

The Electricity Authority of Cyprus started installing smart meters across multiple regions, requiring temporary power interruptions of about 20 minutes during each upgrade. Deployment is part of a broader effort to modernise the electricity network and improve energy consumption monitoring.

Upgrading The Nation’s Energy Grid

Installations in Nicosia cover residential areas east of Yiannos Kranidiotis Avenue, from Ayios Georgios Street to Alexander The Great Avenue. Additional works extend along Ayios Georgios and Demetris Stavrou Avenues in Latsia. These upgrades aim to improve grid reliability and enable more accurate measurement of electricity usage. Focus remains on areas with high residential demand.

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Targeted Rollouts In Key Urban Centers

Works extend along both sides of the Nicosia–Limassol motorway, from Rizokarpaso Street and Eleftherios Venizelos Street to the Dhali industrial area. Areas including Helioupolis, Kallithea and the municipality of Tseri are included in the rollout. Coverage across these zones expands access to smart metering in densely populated corridors. This approach supports broader network integration.

Broadening The Network In Limassol And Larnaca

Installations in Limassol are concentrated within areas bounded by October 28th Avenue and Archbishop Makarios III Avenue, including Grivas Digenis, Gladstone and Anexartisia streets. In Larnaca, the rollout includes the Oroklini area. Expansion across these locations increases the share of households connected to the upgraded system. Deployment follows a phased schedule.

Expanding Benefits Across Famagusta And Paphos

Dherynia in the Famagusta district is included in the rollout, with installations planned in central areas and along Archbishop Makarios III and Stadiou Avenues. In Paphos, works cover areas in Yeroskipou between Archbishop Makarios III Avenue and Evagoras Pallikarides Street. Further expansion across districts supports nationwide coverage of smart meters. Implementation will depend on installation timelines and rollout progress.

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Cyprus Banks Urged To Focus On Long-Term Resilience As Profits Remain Strong

by THEFUTURE.TEAM

June 26, 2026

The Cypriot banking sector remains in a strong position, supported by solid capital buffers and overall financial stability, according to speakers at the annual general meeting of the Association of Cyprus Banks. At the same time, government officials and regulators stressed that maintaining this position will require continued discipline and long-term planning.

A Strong Sector, But Not A Complacent One

Finance Minister Makis Keravnos used the meeting to highlight concerns over draft laws recently passed by parliament, which, according to the Ministry of Finance, the Central Bank and the Legal Service, may contain constitutional, legal and institutional issues. Those concerns, he noted, led to presidential referrals and remittals to the Supreme Court.

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Keravnos also said the European Central Bank had been consulted on proposed measures concerning the suspension of foreclosures and the restructuring of loans and guarantees, adding that the ECB had expressed its own concerns.

Profitability Should Reflect Real Economy Lending

While acknowledging that the banking sector remains highly profitable, Keravnos said earnings are expected to reach around €1 billion in 2025, lower than in 2024 as interest-rate conditions gradually normalize.

He said he would prefer bank profitability to rely more on lending to businesses operating in productive sectors and less on the widening of European Central Bank interest-rate spreads.

According to the minister, Cyprus’ return to investment-grade status after 11 years has strengthened the country’s appeal to foreign investors, technology companies and startups. He said this should encourage banks to offer financing that better supports businesses while improving the diversification of their loan portfolios.

The Central Bank’s Warning: Strength Today Is Not A Guarantee Tomorrow

Central Bank Governor Christodoulos Patsalides also warned against complacency, saying the sector’s current strength should not be taken for granted.

“The Cypriot banking sector is strong today. But strength that truly matters is not exhausted by a capital ratio, a profit line or a favorable cycle,” he said.

Patsalides added that lasting resilience depends on institutions remaining strong as conditions change, risks become more complex, and competition evolves. In his view, that requires sufficient capital buffers, adaptable infrastructure and management teams prepared for changing market conditions.

Long-Term Resilience Over Short-Term Gains

Patsalides also stressed that banks should focus on long-term resilience rather than short-term performance. Decisions on dividend policy, capital allocation and the use of resources, he said, should take into account continued investment in technology, operational resilience, human capital and long-term adaptability.

He added that banks able to remain competitive over time will be those that invest early in strengthening their capacity to adapt and respond to future challenges.

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