EAC role in Cyprus’ energy reform very important

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The role of the Electricity Authority Cyprus is very important in the implementation of the energy reform in Cyprus but also in the joint effort for sustainable economic development, which must now be interconnected with green energy, Minister of Energy Natasa Pilides said.

She was speaking during an online press conference during which the EAC presented its Annual Report 2019.

Regarding Renewable Energy Sources, she said that since 2018 the total percentage in gross final energy consumption exceeded 13% which was the mandatory target for 2020, and thanked the EAC that contributed significantly to this goal.

She noted that the main of Cyprus is the completion of the infrastructure projects for natural gas and the Euro Asia Interconnector and welcomed the upgrade of the EAC systems, saying that this is of strategic importance for our country.

Chairman of the Board of EAC Michalis Komodromos, said that the EAC’s vision is to maximize the value of the Organisation in an environment of multiple changes and high demands, created by the liberalization of the energy market in Cyprus, as well as by the wider international changes on the energy map.

“In our country we are going through a period characterized by great changes and challenges that mark the opening of the electricity market. A particularly positive development for the EAC, is its successful compliance with the provisions of the regulatory decision of CERA, regarding the Operational Unbundling of its Activities. The EAC is preparing rapidly to support the opening of the Electricity Market,” he noted.

He also referred to the EAC’s response to the pandemic, noting that they reduced by 10% the invoices of all its customers for a period of 6 months, a move which amounts to over €30 million, which the EAC returned to the Cypriot society. During the critical months we went through, it is noted that we did not proceed with any interruption of electricity supply to any consumer, he added.

Regarding finances, he said the total revenue of the EAC in 2019 amounted to €838 million while the total expenses reached €779 million. The operating profit amounted to €59 million.

He also said that projects with investments exceeding 130 million euros are planned for the next five years.

In addition, he said that as part of work carried out for the Distribution System Owner, 152 km of Medium and Low Voltage overhead lines and 248 km of Medium and Low Voltage underground cables were installed, while 148 overhead transformers and 69 land Distribution Substations were installed.

As regards consumers, he said that the focus is on upgrading and modernizing network user support and procedures will soon be automated for the benefit of the user, who will receive online service.

He also said that the EAC has installed an Environmental Protection System that reduces Nitrogen Oxide emissions in the Internal Combustion Unit No. 1 at Dhekelia Station. “Work is also underway to install corresponding environmental protection systems, with technologies for reducing Nitrogen Oxide and Sulphur Dioxide emissions as well as dust, at Units 1-3 at Vasilikos Station,” he pointed out.

Moreover, he said that the EAC Supply Unit continued the promotional campaign of the electronic e-bill account. The number of customers who received their bill electronically at the end of 2019 increased from 38000 to 63800, namely an increase of about 68%.

“During 2019, the EAC continued to embark on an upward path. This is confirmed by the progress of the development projects and the increase in electricity sales,” he said.

Furthermore, he noted that a systematic effort to increase productivity, as well as to improve and upgrade the services offered by the Organization has borne fruit. The EAC is a sound, economically viable business.

Total electricity sales amounted to 4 615 GWh (Giga Watt Hours) recording an increase of about 1% compared to 2018. The number of customers also increased slightly by 1% (from 576 thousand in 2018 to 582 thousand in 2019 approximately), he said.