Energy savings target for 2020 set at 14.5%


September 29, 2015


comments icon




September 29, 2015


comments icon



The government has set an energy savings target of 14.5% for the year 2020, a senior energy ministry official told the members of parliament, Cyprus Mail’s portal reported. Every percentage point in energy savings currently corresponds to EUR 10 million, said Stelios Chimonas, permanent secretary of the Ministry of Energy, Commerce, Industry and Tourism of Cyprus.

The state will set aside EUR 32 million for two Save and Upgrade schemes targeted at households and businesses for the period from 2014 to 2020. The first has already been launched, with EUR 14 million allocated, involving government grants to homes and business premises. The second scheme involves bank loans.

The government hopes to achieve the energy savings targets based on projections of a slowdown in energy consumption.

Chimonas said the intent is to hire people from the private sector to assist in processing applications, as at present the four ministry employees working on this cannot handle the workload, slowing down the process. According to the official, from 2004 to 2013 some EUR 47 million was diverted from the Renewable Energy Sources (RES) Fund to finance energy savings projects. The government hopes to achieve the energy savings targets based on projections of a slowdown in energy consumption – chiefly due to the financial squeeze. According to the same forecasts, energy consumption will rebound to pre-2013 levels no earlier than 2018. The projections are also based on expectations of a higher penetration of renewables in the energy mix. Cyprus must transpose into national law three EU directives relating to energy efficiency and renewable energy.

The parliament approved a ‘temporary green tax’ in July, deemed necessary by the government to ensure the viability of the Renewable Energy Sources Fund.


Related Articles

macedonia mepso ebrd loan grid renewables koka basso bozinovska

MEPSO secures funds for grid investments; upgrade to enable connecting 1.2 GW of renewables

23 July 2024 - MEPSO and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a EUR 26.4 million loan

milorad dodik Republic Srpska Serbia lithium

Republic of Srpska in BiH to mirror Serbia’s lithium mining projects

23 July 2024 - President of the Republic of Srpska in BiH Milorad Dodik said the entity would follow Serbia's example in projects for critical raw materials

fiat grande panda stellantis serbia electric cars automobiles

Stellantis starts producing electric cars in Serbia

22 July 2024 - With the announced state subsidies, Fiat Grande Panda from the Kragujevac plant could cost around EUR 18,000

eds ceo biljana komnenic elektrodistribucija srbije

Biljana Komnenić takes helm of Serbia’s DSO

22 July 2024 - The Government of Serbia has dismissed the acting director of distribution system operator Elektrodistribucija Srbije, Bojan Atlagić