Policy framework outlined for energy storage systems

The Energy ministry outlined the general policy framework for energy storage systems on Friday.

The ministry also said the implementation of the aid plan for renewable energy source-based projects with the possibility of energy storage is set to be put to public consultation. The plan is set to cost between €10 million and €40m.

In addition, the ministry announced that it will commence the installation of central energy storage systems by the state, having now received the relevant approval from the European Commission. They say the total cost of these systems will be at least €40m.

The installation process is expected to be completed within 18 to 24 months for battery-based systems, while other technology storage systems may take longer than 24 months to be implemented.

The purpose of the public consultation is to collect suggestions and proposals regarding the basis of the framework and to better prepare and inform the investors who will participate in the support plan.

The ministry said the main objects of the plan are the reduction of energy costs, the reduction of power cuts from renewable sources, the reduction of carbon dioxide emissions and the reinforcement of Cyprus’s energy self-sufficiency and supply.

The first phase of the consultation will last until midnight on July 26.

Those wishing to participate in the process are encouraged to email [email protected] and [email protected].