In 2022, Cyprus’ economy was ranked 103rd in the world in gross domestic product (GDP). The country’s economy is dependent on the export of passenger and cargo ships, packaged medicaments, cheese, and recreational boats.
In 2009, Cyprus as a member of the European Union (EU) committed to the Renewable Energy Directive, which requires each country to use renewable energy for 20% of its total energy needs by 2020 and 27% by 2030.
In 2016, Cyprus as a member of the European Union (EU) signed the Paris Climate Agreement. The EU committed to a 40% reduction in greenhouse gas emission by 2030 compared to 1990 levels.
Power Generation Capabilities
In 2021, 100% of the people on Cyprus had access to electricity. In 2022, the Electricity Authority of Cyprus (EAC) used oil (83.1%) and renewable energy (16.9%) to generate electricity in the country. Wind and solar are the primary types of renewable energy used to generate electricity in Cyprus.
Recent renewable energy projects in Cyprus include:
- 68 MW Solar Projects – The Holy Archdiocese of Cyprus and the EAC are continuing work on building 14 solar projects at sites approximately 25 miles southwest of the nation’s capital, All the projects are scheduled to be commissioned by year-end 2025.
- 5 MW Wind Project – In November 2021, Cyprus renewable energy company Wincono commissioned the Alexigros onshore wind project at a site approximately 18 miles southeast of Nicosia.
- 16 MW Solar Projects – The Holy Archdiocese of Cyprus and the EAC are continuing work on building four solar projects at sites approximately 35 miles southwest of Nicosia. The projects are scheduled to be commissioned by year-end 2023.
Cyprus, like many island nation is dependent on imported refined petroleum to fuel their electric power plants. In 2021, Cyprus imported U.S.$2.74 Billion of refined petroleum.
On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices increased by over 50% from May 2021 to May 2022.
Cyprus has significant undeveloped renewable energy resources, including solar, offshore wind, onshore wind, and biomass. Cyprus’ renewable energy potential could easily generate 100% of the nation’s electricity at a significantly lower cost to consumers than refined petroleum. Expensive refined petroleum has jump-started renewable energy development in Cyprus.
Website – “Our Energy Conundrum”
Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio, podcast, and television stations from New York City to Los Angeles on a diverse range of energy issues.