Cyprus's economy is growing well. The last part of 2025 showed good progress. The University of Cyprus reported this. The Electricity Authority of Cyprus (EAC) also has better money results. However, the country still has problems. Energy independence is a big challenge. Many homes also struggle with high energy costs.
An important index shows future economic health. It grew by 1.8% in November. This growth is steady and helps the economy. It is dealing with world economic problems. Uncertainty about the economy is also going down. However, people feel a little less confident. This is true in some parts of the economy.
The EAC made a profit of €37.3 million in 2024. This is better than last year. They saved a lot of money. They spent less on pollution permits. This money is used for important upgrades. A new system will make the electricity grid modern.
The EAC chairman, George Petrou, spoke about electricity prices. He thinks prices will be lower in 2025. He said there will not be a big price increase. The EAC is also building bigger energy storage. A large system will be ready by June 2026. Cyprus will need more storage by 2030. This is for using more green energy.
The Ministry of Energy is working on new technology. It is also dealing with social issues. Money is going to modernization. But many families cannot afford their energy bills. In 2023, many households had energy poverty. This number is higher than before. It is hard to balance big energy plans with helping people now.
Cyprus is making slow but good progress. The economy is stable. The energy sector is focusing on being modern. But energy poverty is a growing problem. It is important that new plans help all families. Cyprus needs to find a balance for its economy and energy future.