The Electricity Authority of Cyprus (EAC) has made more money this year. Its after-tax profit was €37.3 million. This is a little more than the €36.1 million from the year before.
The company says this is because it is using fewer fossil fuels. This change meant it spent €45 million less on pollution permits. The EAC Chairman, George Petrou, said this shows they are moving to cleaner energy. He promised this will lead to cheaper electricity in 2025.
The company has four main goals: to fight climate change, keep energy safe, offer low prices, and improve service. They are spending a lot of money on this. For example, they will use €45 million to make the electricity network better. They are also working with a telecom company to build a "smart" system.
New solar parks are now open in Akrotiri and Achera. They make very cheap electricity. Also, a big battery system to store renewable energy will be ready by June 2025. Cyprus will need much more storage by 2030.
However, there are problems. Even with higher profits, electricity bills will likely go up soon. The money is needed for new infrastructure. This is difficult because many people in Cyprus already find energy expensive. In fact, 17.5% of households had trouble paying their bills in 2023. This is higher than the average in Europe.
So, the EAC is investing in a greener future, but it must also think about the cost for people today.