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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.

Cyprus energy report
Update: 
December 2020
Format: 
3 files (PDF report, 2 Excel files)
Pages: 
27 (Report only)
Delivery: 

Immediate by e-mail

Price: 
 790 € 

Price without VAT. Depending on your statute and location, VAT might be applicable. Get in touch with us for more information.

After validation, you will immediately receive 3 files by email (one pdf report and 2 excel files containing the datasets).

 

Highlights

  • The liberalisation of the market and the promotion of natural gas and renewables are the main priorities of the energy policy.
  • EAC owns the largest generation capacity and has a monopoly on distribution. Its privatisation is underway and will help attract alternative suppliers.
  • The power mix is dominated by oil-fired power plants.
  • Electricity prices are highly influenced by international oil prices.
  • Energy consumption has been recovering since 2013, after a sharp decrease from 2008 to 2013 due to the financial crisis.
  • Cyprus is positioning itself as a gas export hub.
  • The construction of the first LNG import terminal has been launched.

7 TWh

expected electricity demand in 2027

90%

total consumption from oil

37% renewables in heating and cooling needs in 2018

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

    Gas:

    The Natural Gas Public Company (DEFA, or CYGAS) 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 in Cyprus. The company has also been designated as the LNG operator.

  • 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).

  • Issues & Prospects

    Cyprus has recovered since 2015 from the deep recession which struck the country between 2008 and 2014.

Table of Contents

  • GENERAL OVERVIEW
  • INSTITUTIONS AND ENERGY POLICY
  • ENERGY COMPANIES
  • ENERGY SUPPLY
  • ENERGY PRICES
  • ENERGY CONSUMPTION
  • ISSUES AND PROSPECTS
  • DATA TABLES
  • ABBREVIATIONS
  • GLOSSARY

Download the Table of Contents

List of Graphs

Below is a list of the Cyprus energy market report graphs:

  • GRAPH 1: CO2-energy Emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2019, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2019, %)
  • 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 (2019, %)
  • GRAPH 9: Final consumption market share by sector (2019, %)

List of Tables

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.
  • Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.

Data (Excel Sheet)

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).

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:

  • New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
  • Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.

 

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