CYPRadar 🇨🇾⚡ IMF and Auditor-General Urge Cyprus to Develop Comprehensive Long-Term Energy Strategy
The International Monetary Fund (IMF) and Cyprus's auditor-general have highlighted the urgent need for a comprehensive long-term energy strategy to address the country’s heavy dependence on imported oil and lack of electricity interconnection. The auditor-general described the failure to develop natural gas infrastructure as a major policy failure, estimating an annual economic loss of approximately €300 million from continued reliance on petroleum products and carbon emissions costs.
Currently, Cyprus remains one of the most oil-dependent electricity systems in Europe, exposing it to volatile global oil prices and increasing inflation risks. Despite some progress in renewable energy, the energy sector suffers from fragmented planning and delayed projects like natural gas infrastructure and the Great Sea Interconnector, which impede affordability, security, and sustainability objectives.
Experts emphasize that Cyprus faces challenges of governance and implementation rather than technology, calling for a unified national energy vision by 2040. This plan should prioritize diversification of energy sources, reinforce energy and water security, lower electricity costs, and enhance climate resilience to ensure economic stability and long-term sustainable growth.
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