Cypriot president announces energy sector goals at Nicosia Economic Congress

During the 16th Nicosia Economic Congress, President Nikos Christodoulides addressed ongoing challenges in the national energy sector. He expressed dissatisfaction with current progress regarding the exploitation of natural gas, which has remained undeveloped since its initial discovery in the Cypriot exclusive economic zone in 2011. The government intends to negotiate with ENI and Total to secure an agreement by the end of April aimed at achieving the first utilization of natural gas by 2027. Regarding renewable energy, Christodoulides noted that the share of renewables in the energy mix has increased from 19% to 24% since his administration took office, but he maintained that this progress is insufficient given the country’s high annual sunshine levels of 320 days. Future initiatives include the imminent announcement of new plans for renewable energy storage to improve the national energy mix. Additionally, the president highlighted ongoing international efforts to promote Cyprus as a competitive destination for foreign investment. These discussions took place during a roundtable session with business community representatives.