Cyprus energy report

• 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.
• Construction of the first LNG import terminal has been launched.

• 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.

• 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

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, %)

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.