Cyprus energy report
This analysis includes a comprehensive Cyprus energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With 2018 market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
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Institutions & Energy Policy
The Republic of Cyprus represents 70% of the island of Cyprus (the northern part is the Turkish Republic of Northern Cyprus (TRNC)).
The Ministry of Energy, Commerce, Industry and Tourism (MECIT) is responsible for the drawing up and implementation of the national energy policy through its Energy Service division.
In September 2019, Eni and Total signed an agreement to explore Block 7 with a share of 50% each. Also, Total has been awarded 9.3% of block 3 and 40% of block 8, reducing Koga's part to 20% in each.
Since the closure of the Larnaca oil refinery in 2004 Cyprus has imported all its oil products. The refinery was transformed into an import terminal and a storage centre. Around half of oil product imports are used for the production of electricity and about a third goes to the transport sector.
The oil storage capacities were increased from 45 days to 60 days in 2007.
In 2018, the average price of electricity for industry was €14.5c/kWh, which is 36% above the EU average, while that of the residential sector was €20.38c/kWh, 3% below the EU average.
In 2018, Cyprus had a per capita consumption of 2.5 toe, that is still below its peak level of 3.2 toe in 2008 and 18% below the EU average. Electricity consumption per capita was around 5 310 kWh in 2018 (11% below its 2008 level and 6% below the EU average).
Issues & Prospects
Cyprus has recovered since 2015 from the deep recession which struck the country between 2008 and 2014.
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
Below is a list of the Cyprus energy market report graphs:
- GRAPH 1: CO2-energy Emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2018, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2018, %)
- GRAPH 5: Gasoline & diesel prices (€/l)
- GRAPH 6: Electricity prices for industry and households (€c/kWh)
- GRAPH 7: Consumption trends by energy source (Mtoe)
- GRAPH 8: Total consumption market share by energy (2018, %)
- GRAPH 9: Final consumption market share by sector (2018, %)
In the Cyprus energy market report you will find the following tables:
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
The Cyprus energy market data since 1990 and up to 2018 is included in the Excel file accompanying the Cyprus country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Cyprus Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Cyprus energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
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