Cyprus will begin accepting applications from commercial producers to construct energy storage facilities on the island in January, Energy Minister George Papanastasiou said on Friday.
Addressing the Energy symposium in Nicosia, he said the government aims to be able to store a total of 150 megawatts of energy, all of which will be generated by renewable sources.
These comments come off the back of his speech to the House finance committee regarding his ministry''s budget, in which he said Cyprus now has the capacity to produce a total of 950 megawatts of energy from renewable sources, with 1,500 megawatts of installed capacity from conventional production.
However, he said, only 20 per cent of Cyprus'' energy consumption is from renewable sources, given the lack of available storage systems, and added that this figure "could be much higher" if the requisite storage infrastructure existed
Greek Energy Minister Theodoros Skylakakis also centred his recorded address to the symposium on the matter of renewable energy, saying, "this period of energy transition, with very big disturbances, comes at the same time as the climate crisis, and is full of challenges."
He added that his country is expanding its renewable energy production, utilising solar panels, hydroelectric power, and wind power, and is also making "significant investments in energy storage".
He also made reference to the electricity interconnector between Cyprus and Greece, saying that relations between the two countries "will become even closer as the construction of the cable progresses".
To this end, he expressed his belief that both countries'' investment in renewable energy and the interconnector project will "lead in the coming years to much lower energy prices, and this will favour both Greece and Cyprus".
Tom joined the Mail in 2023. An award-winning journalist, he speaks four languages fluently, watches his local football team home and away, and is an avid traveller.
It said the government will be deploying centralised energy storage systems and at the same time launched a public consultation into how best to direct funding to support renewable energy sources that can be combined, or hybridised, with energy storage system (ESS) technology.
The network of central energy storage systems will be installed "by the State", MECI said, and they will be owned by the national energy supplier Cyprus Energy Authority, through its business unit for networks. The systems will be administered by the Cyprus Transmission System Operator (TSOC), which as the name implies, is the national transmission system manager.
While it didn''t mention in a public announcement how technology providers, contractors and other partners will be chosen, MECI did say that any battery energy storage system (BESS) projects must be completed within 18 to 24 months after receiving required approvals. Whereas for non-battery systems, a longer timeline for implementation will be allowed.
Meanwhile the government is budgeting to fund between €10 million and €40 million of the cost of renewable energy projects "with the possibility of energy storage". Respondents have just a few days to provide input into the first phase of the public consultation on this initiative, which is open until just before midnight on 26 July 2023.
Cyprus'' National Energy and Climate Plan has a key objective of making renewable energy at least 22.9% of final energy consumption across all sectors including electricity, heat and cooling, and transport by 2030.
For the electricity sector, that means a share of 30.3% renewables, with 14% for transport and a much higher 39.4% target for heating and cooling. In 2019, the electricity sector''s renewable energy share stood at just 9.8%.
On 8 July, the EU and Cyprus signed a Partnership Agreement, which cements a commitment from the EU to invest a total €1 billion into the country and its Just Transition Fund (JTF) between 2021 and 2027, while settling on terms for how that spending should be directed.
The JTF has a dedicated budget of €101 million, including funding to be spent in areas like strengthening transmission and distribution (T&D) networks to accommodate energy storage and renewable energy, as well as supporting small and medium-sized businesses to adopt new technologies including renewables. It will also support skilling up of Cyprus'' workforce in green technology industries.
MECI said its support plan for hybrid renewables will be paid for through a combination of JTF money, as well as with revenues from its national Pollutants Fund, as well as dedicated funds for renewable energy systems (RES) and energy efficiency (EE).
The €10 million to €40 million funding for hybrid renewables support is subject to approval through the state''s 2024 budget, while the €40 million expected to be allocated for centralised ESS is subject to EC approval of the plan.
The EU, focusing on raising renewable energy targets in the wake of the Russian invasion of Ukraine with the REPowerEU plan and implementing the various pillars of the European Green Deal, has directed funding or approved state aid for energy storage in numerous European countries in recent months.
Most recent announcements covered by Energy-Storage.news include the approval of €1.1 billion state aid in Hungary, €150 million in grants for renewable energy and storage in Slovenia, funding from the EU-wide Recovery and Resilience Facility for Estonia.
Other recipients include Romania, Croatia and Finland, while Greece is using EU funding towards an ongoing 400MW tender scheme, with projects in the latest round eligible for grants of up to €200,000 (US$218,000) per MW of installed power.
European Commissioner for energy Kadri Simson has described energy storage as the “centrepiece” of the energy transition and in May welcomed the formation of a European Energy Storage Coalition of stakeholders.
About Specific energy storage applications cyprus
As the photovoltaic (PV) industry continues to evolve, advancements in Specific energy storage applications cyprus have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Specific energy storage applications cyprus for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Specific energy storage applications cyprus featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
Related Contents
