News

Energy savings target for 2020 set at 14.5%

Published

September 29, 2015

Comments

0

Share

Published:

September 29, 2015

Comments:

0

Share

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

Solar power generation to increase ten times in Montenegro energy balance

Solar power generation to increase tenfold in Montenegro next year

25 November 2022 - According to the estimate in the Energy Balance of Montenegro for 2023, electricity production will drop 12.63% this year

Austria can reach 1,2 GW with additional solar in 2022

Austria set to add over 1 GW in solar power in 2022

25 November 2022 - Austria is on track to install more than 1 GW in photovoltaics this year and as much as 1.5 GW every year

Four times more installed power plants in North Macedonia in 2022

North Macedonia’s regulator issues 200 licenses for renewable electricity plants in 2022

25 November 2022 - The Energy and Water Services Regulatory Commission issued 200 licenses this year for electricity production from renewable sources

Albania applications solar power 151 MW

Albania receives applications for solar power projects of 151 MW in total

25 November 2022 - Applications for solar power projects sent to the Ministry of Infrastructure and Energy of Albania include one of the largest ones so far, for 93 MW