- Update
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- Format
- 3 files (PDF report, 2 Excel files)
- Pages
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28 (Report only)
- Delivery
- Immediate by e-mail
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
Buy Cyprus energy report
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Overview
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 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.
Highlights
- In its final NECP (2024), Cyprus included more ambitious targets on renewables, energy efficiency, and GHG emissions.
- The process of liberalising the electricity market is still underway.
- EAC, the national electricity company, accounts for 65% of the installed capacity.
- Cyprus has not granted any exploration licences for new gas or oil blocks.
- Oil accounts for 79% of the power mix (2023).
- Solar capacity is increasing rapidly and has nearly tripled since 2020, reaching 606 MW in 2023.
- Electricity prices are impacted by global oil prices. They nearly doubled between 2020 and 2023 and
- decreased by 10% in 2024.
- Oil covers most of the country's needs (85% in 2023).
- Cyprus is seeking to tap its gas resources in the Aphrodite and Cronos fields.
- New CCGT and solar projects are under consideration.
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)).
Energy Companies
Electricity:
EAC, Electricity Authority of Cyprus, is the national state-owned, vertically integrated electricity company. The EAC is carrying out operational unbundling and the four core regulated activities (the monopoly activities of Transmission and Distribution and the competitive activities of Generation and Supply) are separate operations within the EAC.
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.
Since 2008, imports of oil products have declined by 1.4%/year to 2.5 Mt in 2023. Greece accounts for 27% of these imports, followed by Israel (20%) and Spain (15%) (2023).
Energy Prices
Electricity:
Since nearly 80% of the electricity is generated by oil-fired power plants, surging oil prices over 2020-2022 had a strong impact on electricity prices. The average price of electricity for industry doubled between 2020 and 2022 before eroding in 2023 (-2%) and 2024 (-11% to €24c/kWh). Residential prices also surged by nearly 90% between 2020 and 2023, before declining by 10% to €31.6c/kWh.
Energy Consumption
In 2023, Cyprus had a consumption per capita of 1.8 toe, i.e., 36% below the EU average. Electricity consumption per capita was 3 900 kWh in 2023, 27% below the EU average.
Total energy consumption has remained stable since 2021 (2.2Mtoe). Previously, it had declined by 5.7%/year between 2008 and 2013 and rebounded by an average of 2.5%/year over 2013-2019.
Issues & Prospects
Following the important discoveries of offshore gas, Cyprus is positioning itself as a gas importer in the medium term.
- GRAPH 1: CO2-energy Emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2023, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2023, %)
- 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 (2023, %)
- GRAPH 9: Final consumption market share by sector (2023, %)
- 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.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.
The Cyprus energy market data since 1990 and up to
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).