Cyprus is upgrading its electricity grid to reduce energy costs by increasing renewable energy, integrating natural gas and energy storage technologies, and adopting Vehicle to Grid (V2G) technology. The country aims to establish electrical interconnections to become an energy hub, enhancing energy security and fostering a green economy.
Southeastern Mediterranean countries, with their strategic location and abundant natural resources, have the potential to lead the way in adopting hydrogen as a clean energy source. Through regional cooperation and a strategic plan that includes energy production and infrastructure development, these countries aim to transition to renewable energy, reduce reliance on fossil fuels, and potentially export clean energy to Europe. With their commitment to sustainability and innovation, these countries are poised to become pioneers in the hydrogen economy, transforming the region into a hub of climateneutral, sustainable energy.
Cyprus has announced the ‘Photovoltaics for all’ program, a €30 million initiative to promote renewable energy by subsidizing the installation of photovoltaic (PV) panels for homeowners. Starting in January 2024, the program targets small and mediumsized houses, offering a sevenyear guarantee and aiming to reduce electricity costs, supporting Cyprus’s transition to green energy.
The European Investment Bank (EIB) is considering funding for the EuroAsia Interconnector, a subsea power cable to connect Greece, Israel, and Cyprus, with the potential to lower electricity costs in Cyprus. The EIB’s decision hinges on the project’s alignment with renewable energy goals and infrastructure needs.