Electricity in Cyprus in 2023/2024

Over the past year, from October 2023 to September 2024, Cyprus has been predominantly reliant on fossil fuels for its electricity consumption, with more than three-quarters of its electricity generated from oil. In particular, fossil-based generation, comprising entirely of oil, accounted for approximately 77% of Cyprus's electricity mix. In contrast, low-carbon sources, which include solar and wind energy, contributed nearly a quarter to the country's electricity generation. Specifically, solar energy accounted for almost 19%, while wind energy made up close to 4% of the total electricity produced. This distribution indicates a significant dependency on fossil fuels and highlights the potential for expanding low-carbon electricity production.

Suggestions

To enhance its low-carbon electricity generation, Cyprus can focus on expanding its solar energy capacity, as solar technologies already contribute notably to the country's electricity supply. Observing successful strategies from other countries, Cyprus can draw inspiration from nations like Denmark and Ireland, where wind energy comprises a significant portion of electricity generation—59% and 33%, respectively. Emulating these countries' supportive policies and infrastructure advancements can potentially increase the wind power share within Cyprus. Although comparable in size, introducing nuclear energy in Cyprus, much like Slovakia's 60% nuclear contribution, would represent a substantial step towards decreasing reliance on fossil fuels and increasing the share of clean electricity.

History

Reviewing Cyprus's historical progression in low-carbon electricity, initial records from the 2010s show a slow but consistent rise in the deployment of wind and solar technologies. From 2010 to 2012, wind energy saw a modest increase, with minor growth in solar energy beginning in 2015. Notably, from 2020 onwards, solar energy began showing more pronounced growth with consistent annual increments, particularly a 0.2 TWh increase in both 2023 and 2024. This persistent growth evidences Cyprus's gradual shift towards incorporating more clean energy, underscoring the importance of continued investment in these sustainable technologies to work toward a more balanced and environmentally friendly electricity generation mix.

Electricity Imports and Exports

Balance of Trade

Data Sources