In 2024 the state-run power corporation spent €211 million on greenhouse gas emissions allowances – €45 million less than the previous year – while posting a net profit of €37 million, according to a presentation of the organisation’s operations given on Monday.
Giorgos Petrou, chairman of the Electricity Authority of Cyprus (EAC) gave the traditional annual presentation to government officials and members of the media.
Last year the EAC spent €45 million less than in 2023 on greenhouse gas emissions allowances, due to the drop in price per unit.
At the same time, payroll went up by 8.5 per cent due to hiring and cost-of-living increments on salaries.
Overall, payroll accounted for 9.6 per cent of the EAC’s operating expenses. The lion’s share – 73 per cent – went to fuel purchases. Four per cent went to materials, and three per cent concerned maintenance expenses.
Total electricity sold came to 4.211 gigawatts. The number of EAC customers rose slightly to 627,100.
The EAC’s total revenue clocked in at €1.2 billion, total expenditures at €1.1 billion.
Operating profit – the profit from core business activities before accounting for interest and taxes – came to €57 million, while net profit was €37 million.
The flagship power station at Vasiliko generated 69 per cent of electricity, followed by the Dhekelia power plant at 29 per cent, and the facility at Moni at 1 per cent.
On the Vasiliko facility, Petrou said that its turbines have undergone the necessary modifications so that they can operate with natural gas as well. Final tests on the turbines are pending.
During 2024, the average price of fuel fell by 4.7 per cent compared to the previous year. At the same time, electricity consumption from the EAC grid went up by 5.6 per cent due to increased demand.
According to Petrou, the inability to export surplus energy generated from renewables has led to throttling production.
The solution, he added, is energy storage. The EAC is currently proceeding with installing three storage systems at transmission substations.
Meantime the EAC is expanding its footprint in solar parks. Recently two such facilities – at Akrotiri and at Acheras – came online. The cost of electricity generation is 5 cents per kilowatt-hour.
The organisation also has plans for more solar parks across the island.
In 2024 the EAC began modernising the grid with the installation of smart meters. The goal is to install 400,000 overall. To date, some 150,000 smart meters have been installed.
Also last year, the EAC applied to the European Investment Bank (EIB) for a €215 million loan. The funds are intended for projects on the transmission and distribution networks.
