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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
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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 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.
- The reduction of the oil dependence is the government's priority. A greater liberalisation of the electricity market is underway.
- EAC is the largest player in power generation, responsible for 3/4 of the total capacity.
- The power mix is dominated by oil with an 85% share. Renewables accounts for a quarter of the installed capacity.
- Despite efforts made by the authorities (by lowering the VAT rates), the prices of electricity increased by 42% in 2022.
- Energy consumption has been recovering since 2013 and is still largely oil-dominated (84%).
- Cyprus is developing its gas resources.
- Phase 1 of the "Euroasia power interconnector" project has entered construction.
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, and Industry is responsible for energy issues.
The semi-governmental 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.
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 2%/year to 2.2 Mt in 2021. Israel accounts for almost one third of these imports, followed by Greece (27%) and the Netherlands (13%) (2021).
The average price of electricity for industry increased by 42% in 2022 (€23c/kWh), while the residential price rose by 22% (€26.1c/kWh). The price of electricity for households and industries decreased from 2019 to 2020 (-15%/year on average) and has increased since 2020 by 23%/year on average.
In 2021, Cyprus had a consumption per capita of 1.9 toe, that is still below its peak level of 2.4 toe in 2008 and 40% below the EU average. Electricity consumption per capita was around 3700 kWh in 2021,14% below its 2010 level and 35% below the EU average.
Total energy consumption rebounded by 5.3% in 2021 to 2.1 Mtoe, after a 5.6% drop in 2020.
Issues & Prospects
Following the important discoveries of offshore gas, Cyprus is positioning itself as a gas importer in the medium term. Moreover, it is diversifying its energy sources by introducing gas in its power production sector, which is presently dominated by oil.
- GRAPH 1: CO2-energy Emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2021, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2021, %)
- 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 (2021, %)
- GRAPH 9: Final consumption market share by sector (2021, %)
- 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).