Supporting the green economy transition in Cyprus : vimarsan

Supporting the green economy transition in Cyprus


Supporting the green economy transition in Cyprus
29 Apr 2016
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The transmission and distribution systems of Cyprus are disconnected from the rest of Europe and the country generates as much electricity as it needs for consumption. In 2015, Cyprus generated 94 per cent of its electricity from oil, all of which was imported. Renewable energy sources accounted for just over 6 per cent of total power generation, of which about 65 per cent came from wind power, 10 per cent from biomass and 25 per cent from photovoltaic systems.
In line with the EU’s 20-20-20 target, Cyprus aimed to increase the renewables share of total electricity production to 16 per cent and further diversify its energy mix, as it currently (2021) relies on oil for 90 per cent of its energy supply. Cyprus has particularly strong potential for solar power generation, with solar irradiation on the island among the highest in Europe. However, due to the severe credit constraints that followed the global financial crisis, only 6.6 MW of the 50 MW of licensed photovoltaic parks tendered to the private sector in 2012 through a lowest-tariff competitive bid secured financing and became operational.

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