The Minister of Energy, Trade, and Industry, Michalis Damianos.
Speaking Tuesday at the Informal Council of Energy Ministers in Dublin, Mr. Damianos referred, according to a statement from the relevant ministry, to the specific characteristics of the Cypriot energy system and the measures Cyprus is promoting to reduce its exposure to energy price volatility.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
The session focused on the affordability of energy prices and ways to empower consumers so they have more choices, better information, and greater control over their consumption and energy costs.
Innovation and changes in the energy market, energy security, and the EU’s cooperation with strategic partners were also discussed.
Energy Affordability
During the discussion on energy affordability and the impact of the energy crisis, Mr. Damianos presented Cyprus’s approach, highlighting the unique characteristics of the Cypriot energy system.
As he noted, Cyprus remains an isolated energy system, with a limited domestic market and high dependence on imported fuels, a fact that makes it particularly vulnerable to external increases in energy prices.
At the same time, he presented the long-term measures Cyprus is promoting to reduce its structural exposure to price volatility, including the promotion of self-generation and energy efficiency in households and small and medium-sized enterprises, as well as the installation of storage systems and smart meters.
Electrification and Energy Efficiency
The Minister also weighed in on the discussion regarding electrification, noting that for a small and isolated system such as Cyprus’s, energy affordability, along with the creation of the necessary infrastructure, will determine the success of the energy transition.
For this reason, he noted, appropriate financing tools are needed, with a targeted approach tailored to the specific circumstances of member states.
Mr. Damianos noted that support is most effective when combined with photovoltaics for self-consumption, energy efficiency upgrades, and smart metering, so that electrification reduces energy bills rather than simply shifting costs.
He added that, since Cyprus does not have pumped-storage hydroelectricity, it considers chemical energy storage and demand response to be equivalent flexibility solutions.
Energy Security and Relations with Reliable Partners
Referring to energy security and cooperation with third-country partners of the EU, Mr. Damianos noted that Cyprus remains the only member state not connected to the European electricity grid.
He emphasized that the resilience of critical infrastructure and collective security of supply are key pillars of the same challenge, noting that isolation increases vulnerability and that interconnection is a fundamental form of system resilience.
At the same time, he called for the protection of critical infrastructure to extend to the construction phase of projects.
The Minister further emphasized that energy security should be addressed on a permanent basis and not merely as an emergency measure whenever a price crisis arises. He also noted that harnessing all domestic energy sources and forging strategic relationships with reliable partners strengthen the EU’s position.
On the sidelines of the meeting, Mr. Damianos held bilateral talks with his counterparts from Hungary and Lithuania, with whom he discussed prospects for further cooperation in the field of hydrocarbons and natural gas projects.
He also discussed coordination issues with his Lithuanian counterpart in light of Lithuania’s upcoming presidency of the Council of the EU.
Source: KYPE
