The Ministry of Energy, Trade, and Industry of Cyprus has unveiled its General Policy Framework for Energy Storage Systems, signalling a significant step towards harnessing renewable energy sources. As part of this initiative, the ministry is also conducting a Public Consultation for the formulation and implementation of a Support Plan for energy storage facilities, coupled with Renewable Energy Sources projects (hybrid facilities).
A. General Policy Framework
The Support Plan for Renewable Energy Sources projects, with the option of incorporating Energy Storage, is being presented for public consultation. The budget for the plan will range from €10 million to €40 million, subject to available savings from the Just Transition Fund, revenues from the Pollutants Fund, and the RES and E.E. Fund. Additionally, the installation of central energy storage systems will be promoted by the State, with Cyprus Electricity Authority and Cyprus Transmission System Operator playing crucial roles once European Commission approval is obtained. The allocated budget for these systems will be at least €40 million.
B. Public Consultation for Hybrid Systems Support Plan
The Ministry of Energy, Trade, and Industry invites stakeholders to participate in a Public Consultation aimed at preparing a Support Plan for energy storage facilities combined with Renewable Energy Sources projects (hybrid facilities). The Plan’s funding may come from national funds like the RES and EXE Fund, revenues from pollutant auctions, and/or European resources such as the Just Transition Fund. The objectives of the Plan include achieving Cyprus’s energy and environmental goals, reducing electricity production costs, increasing renewable energy capacity, lowering carbon dioxide emissions, and enhancing energy sufficiency in the country.
