7 TWh
expected electricity demand in 2027
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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 2019 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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Highlights
7 TWh
expected electricity demand in 2027
90%
total consumption from oil
23% renewables in final consumption in 2030
Abstract
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, Trade, and Industry is responsible for drawing up and implementing the national energy policy through its Energy Service division.
Energy Companies
Electricity:
EAC, Electricity Authority of Cyprus, is the national state-owned, vertically integrated electricity company. It was expected to be fully unbundled by the end of 2016, but the company has secured an exemption to maintain its present regime. CERA is currently evaluating the EAC unbundling process.
Energy Supply
Oil:
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 to produce electricity and about a third goes to the transport sector (2019).
Energy Prices
Oil:
In 2020, the average annual price of motor gasoline was €1.08/l, and diesel was €1.12/l. Fuel prices follow global trends and have fallen by an average of 8%/year since 2018. They are lower than the EU average (-17% for gasoline and -8.5% for diesel in 2019).
Graph: GASOLINE & DIESEL PRICES (€/l)
Energy Consumption
In 2019, Cyprus had a per capita consumption of 1.9 toe, that is still 21% below its peak level of 2.4 toe in 2008 and 38% below the EU average. Electricity consumption per capita was around 4 000 kWh in 2019 (8% below its 2008 level and 29% below the EU average).
Total energy consumption increased by 3.3%/year between 2013 and 2019, to 2.3 Mtoe, and dropped by 5.5% in 2020.
Issues & Prospects
Following the important discoveries of offshore gas, Cyprus is positioning itself as a gas importer in the medium term, before becoming a gas exporter as of 2024. Moreover, it is diversifying its energy sources by introducing gas in its power production sector, which is presently dominated by oil.
Below is a list of the Cyprus energy market report graphs:
In the Cyprus energy market report you will find the following tables:
The Cyprus energy market data since 1990 and up to 2019 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:
The Cyprus country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
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