Cyprus aims for greener grid: Regulators and industry target renewable energy waste and storage
"The Employers and Industrialists Federation (Oev) and the Cyprus Energy Regulatory Authority (CERA) are collaborating to address high energy costs and improve the electricity market. Key proposals include accelerating energy storage, implementing smart meters, and introducing dynamic tariffs to resolve current market inefficiencies and progressively reduce electricity prices for businesses and consumers."
EU Directive 2019/790 Article 15 Attribution • Verified Energy Document
The Employers and Industrialists Federation (Oev) and the Cyprus Energy Regulatory Authority (CERA) have engaged in discussions aimed at improving the electricity market and progressively reducing energy costs, Oev announced on Wednesday.
The meeting, which involved Oev president George Pantelides and senior CERA management, served to review the outcomes of a high-level workshop held on July 15. That workshop, organized by Oev, focused on strategies to lower electricity costs and saw participation from various key stakeholders.
Discussions at the recent meeting centered on challenges identified during the initial year of operation of the competitive electricity market. These issues included ensuring the quality and timely availability of meter data, streamlining market settlement procedures, and fostering greater transparency and predictability in charges.
Both parties also addressed methods to tackle renewable energy production curtailments, alongside accelerating the development of energy storage systems and enhancing electricity networks. The potential implementation of smart meters and dynamic tariffs was also explored, with Oev suggesting these measures could benefit both businesses and consumers.
"Coordination and cooperation among all stakeholders are essential for addressing the high cost of energy," Pantelides stated.
Oev clarified that the meeting formed part of its ongoing efforts to follow up on points raised during the July workshop, advocating for measures designed to optimize the functioning of the electricity market. The federation has been actively promoting changes to make electricity costs more manageable for businesses, while also resolving technical and regulatory challenges within the market.
It emphasized that increased energy storage, more intelligent electricity networks, and adaptable pricing models could contribute to a more efficient market, empowering consumers to utilize electricity more effectively. Oev reiterated its commitment to initiating proposals that deliver tangible benefits for Cyprus’ economy and society. The federation’s ultimate goal is to ensure that dialogues with relevant authorities translate into actionable measures that enhance market conditions and progressively reduce energy costs.