New law lets Cyprus store electricity at fair prices

Parliament in Cyprus has approved a new law that allows electricity to be stored at fair prices, with the responsibility falling under the Transmission System Operator (TSOC). This move is seen as important for helping the country manage its energy better, especially since Cyprus got special permission from the EU to skip the usual procedures due to its isolated power system. The TSOC will now work with the Electricity Authority (EAC) to build storage systems that can help balance the electricity grid.

The law faced some delays after an MP, Kyriakos Hadjiyiannis, made changes to the original version. His changes would have required extra studies and given more power to the energy regulator, which other MPs feared would slow things down. These changes were rejected, and the original version of the law was restored and passed.

With the law now approved, the TSOC can move ahead with plans to install storage systems at EAC substations. These systems will store extra solar and wind energy, helping reduce waste and provide backup power when needed. Construction is expected to take around 12 to 18 months.