The board of the Electricity Authority of Cyprus (EAC) has presented an overview of its work ahead of the end of its term in early August, highlighting energy security, network upgrades and renewable energy integration as key priorities.
"Our 30-month term coincided with a particularly demanding period for the electricity sector," EAC chairman George Petrou said.
He pointed to high energy costs, increasing adequacy requirements, the rapid expansion of renewable energy sources, technical constraints, major investment needs in networks and generation capacity, delays in critical national infrastructure projects and growing obligations relating to markets, the environment, compliance, transparency and resilience.
Supply security remains top priority
Petrou said the authority's first and non-negotiable priority was, and continues to be, the security of electricity supply.
He noted that maintenance and operational readiness programmes at power generation stations continued throughout 2025.
Between 2024 and 2026, significant projects were advanced to strengthen and modernise both the transmission and distribution systems.
Renewable energy expansion
By the end of 2025, around 97,600 renewable energy systems with a combined capacity of more than 1,068MW had been connected to the distribution network.
Of these, 251 renewable energy projects, mainly solar parks, account for around 340MW, while approximately 95,600 self-consumption photovoltaic systems operating under net-metering and net-billing schemes account for about 600MW.
Petrou also highlighted progress with the rollout of smart meters.
A total of 390,000 smart meters have been installed so far, with the authority aiming to reach 500,000 installations by June 2027 and eventually cover all consumers.
Profit and lower costs
According to audited results for 2025, EAC recorded:
- Revenue: €1.12 billion
- Expenditure: €1.09 billion
- Operating profit: €28.7 million
- Net profit: €12.3 million
Operational expenses fell by approximately €38.4 million compared with 2024, mainly due to lower energy costs.
Vasilikos unit awaits natural gas
EAC chief executive Adonis Yasemides said construction of the new Combined Cycle Unit 6 at the Vasilikos Power Station has been completed.
The unit is currently on standby and under long-term maintenance until it can begin commercial operations using natural gas.
Yasemides added that EAC is also pursuing the installation of additional photovoltaic systems and energy storage units as part of its development programme.
"The aim is always to diversify and enrich the generation mix with low-cost green energy, so that electricity prices can be reduced and the benefits passed directly on to consumers and businesses," he said.
Storage project at Dhekelia
As part of efforts to enhance energy security and strengthen the Dhekelia Power Station as a second uninterrupted generation hub, EAC is proceeding with the installation of an energy storage system with 80MW of capacity and 160MWh of storage, as well as three gas turbines with a combined nominal capacity of 81MW.
