The budget of the project will range from €10 million to €40 million
The General Policy Framework for energy storage systems, as well as conducting a public consultation for the preparation and implementation of the Support Plan for the construction and operation of Energy Storage facilities in combination with Renewable Energy Sources projects (hybrid facilities), announced the Ministry of Energy, Trade and Industry on Friday.
According to the announcement, the implementation of the aid plan for Renewable Energy Sources (RES) projects with the possibility of energy storage is put to public consultation. The budget of the project will range from €10 million up to €40 million, depending on the savings that will be available from the Just Transition Fund, the revenues from the Pollutants Fund, and the RES and E.E. Fund, following the approval of the budget for in 2024.
At the same time and in cooperation with all the competent bodies, the Ministry announces that, after receiving the relevant approval of the European Commission, the installation of central Energy Storage systems by the State, with the owner Cyprus Electricity Authority (Networks Business Unit) and the manager Cyprus Transmission System Operator. The total amount allocated for these systems will be at least €40 million. The completion of the project, after receiving all the required approvals, is expected to take place within a period of 18 to 24 months for battery systems, while in case of choosing another technology storage, the implementation time is expected to be longer than 24 months.
The Ministry also announced that it is conducting a public consultation, as part of the preparation of a Support Plan for the construction and operation of energy storage facilities in combination with RES projects (hybrid facilities) , which is expected to be financed by national, such as the RES and EX.E Fund and revenues from the auction of pollutants, and/or European resources.
The purpose of the consultation is to collect suggestions and proposals on the basis of the framework for the formulation and implementation of the Support Plan and to better prepare and inform the investors who will participate in said Plan.
According to the Ministry, the main objectives of the Plan are the achievement of the energy and/or environmental objectives set by the Republic of Cyprus, the reduction of electricity production costs, the reduction of energy cuts from Renewable Sources, taking into account the necessity of including more projects RES, the reduction of carbon dioxide (CO2) emissions and the strengthening of electricity sufficiency and energy supply.
The first phase of the Public Consultation will last until 26/07/2023 at 23:00: 59. For more information, interested parties can contact the e-mail addresses gpartasides@meci.gov.cy and energyservice@meci.gov.cy.
It is noted that the final Plan will be submitted for approval by the State Audit Office Aid and/or from the General Directorate of Competition of the European Commission, in accordance with EU law (General Regulation on Exemption by Category GKAK/GBER) and after the final public consultation.
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