Cyprus’ disengagement from fossil fuels

The federal government of the Republic of Cyprus took a number of steps on Friday to interrupt the island’s reliance on fossil fuels.

President Nicos Anastasiades mentioned the difficulty of the rising vitality costs with the Minister of Finance Constantinos Petrides, Minister of Power Natasa Pilidou, Undersecretary to the President, Petros Demetriou, with representatives of the Cyprus Power Regulatory Authority (CERA), the Electrical energy Authority of Cyprus (EAC) and different officers.

In a written assertion issued after the assembly, authorities spokesman Marios Pelekanos mentioned the EAC’s funding actions will probably be expedited with a view to upgrading its grid community rendering cooperation with all concerned actors extra environment friendly and versatile.

It was additionally agreed to extend the EAC’s employees with a view to expediting the improve of its grid.

Moreover, within the context of inexperienced transition insurance policies, the federal government determined to make the most of 80 million euros from European Union funds on investments in giant vitality storage techniques. “These measures will permit the quicker introduction of renewables in Cyprus’ vitality combine presenting environmental and financial advantages,” the spokesman added.

Furthermore, he mentioned that the Power Ministry and CERA will assess the potential of imposing taxation or a levy on elevated income generated by renewable vitality producers.

The assembly additionally determined to judge new measures following the expiry of the present ones on August 31 (5% value-added tax on electrical energy payments for susceptible households and 9% for different retail shoppers), together with the introduction of vouchers to sort out vitality poverty for susceptible households, in accordance with the EU’s toolbox, which offered tips to alleviate shoppers from value hikes.

With regard to rising the EAC’s share of renewables, the assembly determined to draft an motion plan by operators of the transmission and distribution techniques which will probably be submitted to the regulator (CERA) for approval. “The purpose is to chart a sustainable plan for the participation of EAC in renewable vitality,” the assertion added.

A plan to launch an data marketing campaign for saving vitality was additionally mentioned throughout the assembly. The assertion famous that this 12 months’s finances for vitality upgrading for households and firms is near €100 million.