- Update
-
- Format
- 3 files (PDF report, 2 Excel files)
- Pages
-
51 (Report only)
- Delivery
- Immediate by e-mail
- GENERAL OVERVIEW
- ENERGY AND CLIMATE POLICY FRAMEWORK
- ENERGY COMPANIES
- ENERGY SUPPLY AND DEMAND
- ENERGY USE AND PRICE BY SECTOR
- ISSUES AND PROSPECTS
- STATISTICS
- ABBREVIATIONS
- GLOSSARY
Buy Cyprus energy report
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After validation, you will immediately receive 3 files by email (one pdf report and 2 excel files containing the datasets).
Overview
Cyprus has strengthened its energy and climate commitments, setting higher targets for renewables, efficiency, and emissions reduction while advancing electricity market liberalisation. Offshore gas discoveries and interconnection projects aim to enhance energy security and regional integration.
Get more details on the table of contents and data files, as well as the list of graphs and tables by browsing the tabs below.
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 76% of the power mix (2024).
- Solar capacity is increasing rapidly and has tripled since 2020, reaching 720 MW in 2024.
- The share of oil in industry has halved from ~73% to 35% in 2024.
- Electricity prices are impacted by global oil prices. They nearly doubled from 2020 to 2023 and decreased by 10% in 2024.
- Cyprus is seeking to tap its gas resources in the Aphrodite and Cronos fields.
- New CCGT and solar projects are under consideration.
Energy & Climate Policy Framework
The Republic of Cyprus represents 70% of the island of Cyprus (the northern part is the Turkish Republic of Northern Cyprus (TRNC)).
Energy Companies
Gas:
DEFA (or CYGAS), a semi-governmental Natural Gas Public Company, was created in 2007 to manage the import, storage, distribution, transmission, supply and trading of natural gas, and the management of the distribution and supply system of Natural Gas. A decree in 2008 designated DEFA as the sole importer and distributor of natural gas.
Energy Supply & Demand
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 2024. Greece accounts for 29% of these imports, followed by Israel (23%) (2024).
Graph: Petroleum Products Production & Consumption
Energy Use and Price by Sector
Energy Prices in Transport:
The prices of gasoline and diesel follow international prices. They surged between 2020 and 2022 (+19%/year for gasoline and +25%/year for diesel), before declining until 2024 (by 3.2%/year and 7%/year, respectively) to €1.44/l for gasoline and €1.51/l for diesel. They decreased by 8%/year between 2018 and 2020.
Issues & Prospects
Following the important discoveries of offshore gas, Cyprus is positioning itself as a gas importer in the medium term.
- Graph 1: Primary Consumption Trends by Energy Source
- Graph 2: Total Consumption Market Share by Energy (2024)
- Graph 3: Installed Electric Capacity by Source
- Graph 4: Installed Electric Capacity by Source (2024)
- Graph 5: Gross Power Production by Source & Consumption
- Graph 6: Power Generation by Source (2024)
- Graph 7: Petroleum Products Production & Consumption
- Graph 8: Coal Production & Consumption
- Graph 9: Emissions of GHG and CO2 from Fuel Combustion
- Graph 10: Final Demand Trends by Energy Source
- Graph 11: Final Consumption by Sector
- Graph 12: Final Consumption Market Share by Sector (2024)
- Graph 13: Final Consumption in Industry by Energy Source
- Graph 14: Energy Prices in Industry (Taxes Included)
- Graph 15: Final Consumption in Transport by Energy Source
- Graph 16: Energy Prices in Transport (Taxes Included)
- Graph 17: Final Consumption in Residential, Services, Agriculture by Energy Source
- Graph 18: Energy Prices in Residential (Taxes Included)
- Graph 19: Upcoming New Capacity by Energy Source
- 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
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).