Energy minister addresses regional crisis and European energy security in Cyprus

During an informal EU Energy Council meeting in Cyprus, Minister of Energy and Commerce Michalis Damianou called for a collective European strategy to manage the ongoing energy crisis. The discussions focused on energy storage systems, the utilization of internal EU energy sources, and the impact of the Middle East conflict on fuel stability. Damianou emphasized that fragmented national responses are insufficient and that coordinated decisions are necessary to ensure supply adequacy across all member states. He noted that while fuel prices in Cyprus are high, they remain among the lower end within the EU. The government currently mitigates these costs through an 8.33% reduction in fuel consumption taxes and a reduced VAT on electricity. Damianou warned that prices are expected to remain elevated even after the conflict ends due to significant damage to Middle Eastern fuel infrastructure. Furthermore, he announced that the Electricity Authority of Cyprus plans to install energy storage battery systems by the first quarter of 2027.