The Electricity Authority of Cyprus (EAC) provided an update on Thursday regarding its modernisation efforts, cautioning that electricity prices will not significantly decrease without the introduction of natural gas.

EAC Chairman George Petrou and the vice-president of the Natural Gas Infrastructure Company (Etyfa) revealed on Radio Trito that the first batch of 30,000 smart meters is expected to arrive by the end of 2024. Additional batches of the same quantity will be delivered monthly until March 2025, enabling installations for residential and medium-sized businesses. Funded by the European Union, the original plan envisioned the installation of approximately 400,000 smart meters during 2025 and 2026.

The rollout of smart meters is expected to lower operational costs by reducing the workforce required for manual meter readings from 90 to about 23–25 over time. With smart meters, EAC will no longer need to send workers to individual homes and would allow consumers to monitor their electricity usage independently.

Addressing the outdated Dhekelia power station, Petrou revealed that bids for two new generators will be submitted by the end of the week, with decisions expected by January.

Petrou also referred to the major project aiming to upgrade the electricity grid, enabling it to support the connection of multiple photovoltaic (PV) parks. He explained that the current system is outdated and cannot accommodate the integration of a large number of PV parks, which is essential for advancing the country’s transition to renewable energy sources.

To further enable better utilisation of renewable energy, there are plans for the installation of new storage batteries at three substations, which will be connected to power generation facilities. The EAC chairman clarified that the decision has been made, but EAC is still awaiting approval for the necessary permits from the regulatory authority.

Concerning the Vasiliko terminal project, Petrou noted a delay due to weather conditions, but reaffirmed that the aim is to complete the remaining work by 2025.

The Prometheas (floating storage and regasification unit), which will form part of the liquefied natural gas (LNG) project, is expected to take the route to reach China this month. Petrou warned that the unit must be deployed somewhere to function, stating, “We will have a problem if it remains stationary.” He also mentioned that international contracts have been signed, with some from Etyfa set to go to Shanghai.

Petrou reiterated that “unless natural gas arrives in Cyprus, we will not see a noticeable reduction in prices.”

Furthermore, Energy Minister George Papanastasiou has proposed the creation of a state-run company to invest €100 million into the electricity network for better interconnection. This proposal has been evaluated, with EAC suggesting that if government wants the authority to take lead on this project a subsidiary company should be established. However, Petrou explained that the company is currently in discussions with the energy minister and is seeking assurances that any potential failures would not result in financial losses for EAC or consumers. A final decision on the Great Sea Interconnector, an essential link to the energy network, must be made by the end of the year regarding whether Cyprus will participate in the project.