Cyprus Electricity Prices Set to Remain High Until 2026
CYPRUS: Electricity prices in Cyprus are unlikely to decrease over the next two years due to the absence of natural gas and insufficient storage capacity for renewable energy, according to the head of the state-run power utility.
Giorgos Petrou, chairman of the Electricity Authority of Cyprus (EAC), made these remarks during a House Finance Committee session reviewing the organization’s budget for the 2025 fiscal year. Petrou emphasized that without greater integration of renewables into the energy mix, the development of storage infrastructure, or the availability of natural gas, electricity costs for households and businesses will remain high.
Regarding natural gas, Petrou noted that infrastructure upgrades are still needed to enable its use for power generation, with completion expected to take around a year. The government previously announced that the liquefied natural gas (LNG) terminal at Vasiliko is scheduled for completion by the end of 2025. This facility will convert imported LNG back into its gaseous form, which will then be supplied via pipeline to the nearby Vasiliko power station to fuel electricity generation.
Source: Electricity Authority of Cyprus (EAC)