Speaking both at the start and at the end of the 11th Cyprus Energy Symposium,which was jointly organised by IENE and FMW-Financial Media Way, the Chairman and Executive Director of the IENE Mr.Costis Stambolis, stressed the need for continuing investments in the whole range of energy applications in CyprusIn his opening remarks, speaking ahead of the President of the Republic of Cyprus, the head of the IENE among others referred to the need for strengthening the island’s energy security through focused investments which will help towards making the island less dependent on fuel imports.
In his presentation during the last session of this one day Symposium, which was devoted on energy and investments, the head of the IENE presented the Institute’s findings on the “ Energy Investment Outlook in SE Europe with Special Reference to Cyprus” (here). Most of the data presented was abstracted from the Institute’s flagship publication, “ the SEE Energy Outlook 2022”, according to which energy related investments in Cyprus over the next 10 years are slated to reach some € 16,2 billion, a substantial increase from € 7,3 billion which was the number foreseen in the “ Outlook” study of 2017.
In analysing the investment outlook for Cyprus’s energy sector the Chairman of IENE covered the whole range of applications including the urgent need for upgrading and expanding the island’s electricity grid which is absolutely necessary in order to accommodate and manage the ever growing energy inflows from the booming photovoltaic market. Of equal importance is the need, explained Costis Stambolis,for pressing ahead with the implementation of the EuroAsia Interconnector which will link the Cyprus’s grid with those of Greece, and ultimately the European one, and Israel. The installation of the FSRU terminal in Vassilikos is of equal importance as this will facilitate the introduction of natural gas to the island’s energy system and the development of a natural gas grid.
At the same time, noted IENE’s chairman, there is a clear need to press on with the upgrading of the island’s building stock so as to make it more energy efficient and thus help bring down energy consumption. Finally the head of IENE referred to the government’s ongoing hydrocarbon exploration programme which has been most successful, as over the last 10 years several findings of sizeable gas fields have been made amounting to some 400 bcm of proven reserves. The chairman of IENE applauded the government’s latest efforts which aim at lifting the impasse in negotiations with the operators of the various fields, with the aim exploiting the gas finds both for export but also in bringing a small part to island in order to satisfy domestic energy needs.
