Given Cyprus' energy isolation, the more electricity interconnections there are, the better, Minister of Energy, Commerce and Industry, Michael Damianos, said on Thursday, responding to journalists' questions during a press conference on the Ministry's work report during Cyprus's Presidency of the EU Council.
When asked to comment on the announcement of the Cyprus-Lebanon agreement for a preliminary feasibility study regarding a potential electricity interconnection between the two countries, and whether this project could possibly be associated with the Greece-Cyprus-Israel electricity interconnection project, the Minister noted that the latter is a project that is much more mature than the one concerning Lebanon. He added that the project concerning Lebanon has different funding, as it is not a European project.
However, he emphasized the importance of electricity interconnection projects for Cyprus, stating that they provide security. Damianos explained that the funding for the project concerning Lebanon will come from the World Bank at a later stage. Regarding the letter to the World Bank, he said it will be signed within the day. As for the electricity interconnection between Cyprus and Lebanon, he said that depending on the outcome of the preliminary study, a more detailed study may follow regarding the benefits of this interconnection to see how it can proceed.
When asked if there are timelines, he replied that there is no specific picture for the timeframe concerning the study. "It will depend on the World Bank, but it is certainly a project that will go through several stages of planning and implementation over time," he said.
When also asked about the electricity interconnection project with Greece, he said that a request has already been submitted by the IPTO to the European Investment Bank. "I believe that by the end of the year we will have the updated features," he concluded.
The Minister also replied to questions about the adequacy of fuels and electricity, following the latest developments in the Middle East. "Regarding fuel stock adequacy, we do not consider there to be a problem," he said. "There may possibly be an issue over time with aircraft fuels," he said, adding, however, that at the moment the situation seems to be manageable "without any reason for concern."
Regarding Cyprus' adequacy of electricity supply, he pointed to the announcements by the Transmission System Operator (TSO) that there seems to be no issue for the summer, which is the period when needs usually peak.
At the same time, he said that the issue of energy storage is also progressing and that the TSO expects to receive the new 120 megawatt batteries in January, which will be installed before the summer of 2027.
