Thermal Power is the Dominant Source in the Power Mix
The cumulative installed capacity for power in Cyprus was 1,522 MW in 2009. Thermal fuel sources accounted for 99.7% of this capacity, or 1,518 MW of installed capacity. Prior to 2007, thermal fired plants formed all installed capacity in the country. There are three oil-fired plants in Cyprus that are responsible for all electricity consumption in the country. Thermal capacity is expected to remain the dominant source of electricity in the future and is expected to account for 79.1% of the total installed capacity in 2030. Thermal power installed capacity grew at a Compound Annual Growth Rate (CAGR) of 4.9% during 2000–2009 and is expected to grow at a CAGR of 5.0% from 2010-2030.
Continued Growth in Power Generation
Electricity demand in Cyprus has increased significantly over the past decade, growing at an average annual rate of 4.9% from 2000-2009. All sectors, such as domestic, industrial and agriculture, have shown steady growth in their consumption and this trend is expected to continue. In 2000, the country’s total electricity generation was 3,205 GWh, which increased to 5,023 GWh in 2009 at a CAGR of 5.1%. During the forecast period 2010–2030, Cyprus’s electricity generation is expected to increase further at a CAGR of 6% to meet the country’s increasing demand.
Clean Energy, the Way Forward
Cyprus has traditionally relied on only thermal energy to meet its requirements. Renewable energy has been negligible, contributing nothing until 2008. Since 2007, however, there have been efforts to increase the amount of renewable energy sources. Cyprus has joined the European Union (EU) and therefore must follow EU standards for clean and renewable energy. Its target is for 13% of its total consumption to come from renewable energy sources. Targets have also been set for transport and emissions. Cyprus also uses many incentives and ways to promote renewable energy. These include special tariff rates for electricity generation through renewable energy, grants and funding programs for energy-saving plans, and the setting of building, transportation and lighting standards
This report gives detailed information on the Cyprus power market and provides historical and forecast numbers for generation, capacity and consumption up to 2030. The research analyzes upcoming power projects, key import and export trends, regulatory frameworks and infrastructure for the market. This coupled with elaborate profiles of key market participants provides a comprehensive understanding of the market’s competitive scenario.
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