The state-owned Electricity Authority of Cyprus (EAC) has announced a rise in after-tax profits, a financial upturn it attributes to a strategic pivot away from fossil fuels. Profits for the last year reached €37.3 million, a modest increase from the €36.1 million recorded in 2023. The primary driver, according to the utility, was a significant €45 million reduction in costs for greenhouse gas emissions allowances. EAC Chairman George Petrou framed the results as evidence of a successful transition, stating the utility was "on a course for cheaper electricity in 2025." He outlined four strategic pillars guiding the EAC: combating climate change, ensuring energy security, providing affordable power, and enhancing customer service. This vision is being backed by substantial investment, including a €45 million allocation for network upgrades and a €50 million partnership with telco Cyta to install a smart infrastructure system. This green transition is materializing across the island. New solar parks in Akrotiri and Achera are now operational, generating power at around five cents per kilowatt-hour. Furthermore, Energy Minister George Papanastasiou announced that a 120MW electricity storage system will be online by June 2025, a critical step for managing renewable output. He cited estimates that Cyprus will require at least 600MW of storage capacity by 2030. However, this narrative of progress is tempered by pressing social and economic concerns. Despite the profit increase and falling carbon costs, Chairman Petrou acknowledged "inevitable tariff increases" are on the horizon to fund essential infrastructure, though he dismissed speculation of a drastic 13% hike. This prospect raises alarms in light of data presented by Minister Papanastasiou, which revealed that energy poverty in Cyprus has worsened, affecting 17.5% of households in 2023—a figure substantially higher than the EU average of 10.6%. The EAC’s story is thus one of dichotomy: a state-owned entity successfully navigating the complexities of the EU's Emissions Trading System and reinvesting in a sustainable future, while simultaneously grappling with its mandate to provide affordable energy to a population increasingly struggling with its cost. The utility's continued expansion into electric mobility and renewables suggests a long-term commitment to a cleaner grid, but the immediate path forward involves balancing necessary investments against the tangible burden on Cypriot consumers.