Cyprus has announced plans this week for the integration of its energy storage systems (ESS) with renewable energy sources. This comes after reaching a funding agreement with the EU of 40 million euros.
The development will be achieved as the government deploys a centralised energy storage system alongside a public consultation aimed at directing funding to support renewable energy sources – the end goal of hybridizing both with current ESS.
Cyprus’ Ministry of Energy, Commerce, and Industry (MECI) commented on the plans, stating it was a “general policy framework for energy storage systems.” The network itself will be installed by the government but will be owned by the Cypriot national energy supplier, Cyprus Energy Authority. However, the systems will be administered by the Cyprus Transmission System Operator (TSOC). This collaborative development will be the kick-starter for Cyprus to reach its national net zero goals.
Alongside this budget for the new ESS, the government is also allocating anywhere between 10 and 40 million euros for renewable energy projects. This would also include “the possibility of energy storage” according to the MECI.
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Cyprus’ main energy goal is currently to achieve at least 22.9% of final energy consumption sourced from renewable energy by 2030, across all sectors. For the electricity sector, this means at least 30.3% from renewables, 14% for transport and 39.4% for heating and cooling. However, there is a long journey ahead when looking at their progress in 2019, with only 9.8% achieved.
This year, however, Cyprus and the EU agreed upon a Partnership Agreement, which confirms the EU’s support by committing 1BN euros of investment into the country for the purpose of energy transition.
The EU has also allocated funds to many other countries for the purpose of renewable energy transition within the union, such as Romania, Croatia and Finland. This comes as a direct response to the Russia – Ukraine war and the threat it can pose to EU members access to fossil fuels.
Kadri Simson, European Commissioner for energy, has described energy storage as the “centrepiece” of the energy transition. Additionally, May this year saw the formation of a European Energy Storage Coalition of stakeholders which again should help incentivise more nations investing in renewable energy sources.