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Monday, May 27, 2024

The President of the Republic received the annual report of CERA

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Ο Πρoεδρος τη&sigmaf ΔημοκρατΙας παρΕλαβε την ετorσι&alpha ; εκθεση της ΡΑΕΚ

The President of the Republic Mr. Nikos Anastasiadis received today, at the Presidential Palace, the annual report of CERA for 2021.

Delivering the report, the Chairman of the Board of Directors of CERA Mr. Andreas Pullikkas said, among other things, that "2021 was a peculiar year. With the recovery from the pandemic, natural gas prices in Europe have increased, as have the prices of greenhouse gas emission allowances, which is why there has been an increase in electricity tariffs.

2022 was much more difficult with the war in Ukraine and now Europe is in an energy crisis and more specifically in a natural gas crisis.

However, in Cyprus, the installed capacity of renewable energy sources has increased greatly, it has doubled  compared to 2018. The installed capacity today is at 550 megawatts and the conventional production is at 1500 megawatts».

He added that the power of renewable energy sources is expected to increase further in the coming years. < /p>

He said, however, that "the power grid has almost reached its limits," noting that substations and transmission line upgrades are needed to accommodate more renewables. He also recalled the relevant regulatory decision of CERA to redesign the system, as well as the storage system, to make it bi-directional and intelligent, noting that the storage systems with electrical interconnections with Europe are in the right direction.

Regarding the competitive electricity market, Mr. Pullikkas said that all the work has been completed.

He also added that natural gas prices have dragged down oil prices as well, noting that CERA monitors the decisions of the European Council and the measures it recommends.

Finally, he thanked the President of the Republic for his keen interest. for the work carried out by CERA. 

For his part, the President of the Republic congratulated CERA for its work and said, among other things, that the tariff policy in Cyprus is better than other countries in Europe, although the costs are high, noting that it is important to see how it accelerates the liberalization of the market, and this depends on the strengthening of the electricity grid and the storage systems.

He pointed out the need to speed up everything that is required for both licensing and other tools that will help reduce the price and underlined that for its part the Government has reduced fuel taxation.

He added that the whole effort should be focused on how we manage to contribute to the relief of vulnerable groups and the European Council is also working in this direction .

Referring to the Eurasia interconnector he said that it is a revolution that when implemented in 2027 will stop the energy isolation of the Cyprus Municipality state and will strengthen the position of Cyprus in relation to Europe.

Finally, he expressed the belief that through the flawless  cooperation and mutual understanding between CERA and EAC, there will be an acceleration to strengthen the transport network.

Source: www.sigmalive.com

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