Cyprus is an island with high electricity prices, heavily relying on fossil fuels. There is great potential to introduce grid interconnectivity and invest in renewable energy sources to help Cyprus achieve decarbonisation, security of energy supply, and decreased electricity costs.
Alma Economics, in partnership with the Peace Research Institute Oslo (PRIO) and under the auspices of the Mediterranean Growth Initiative (MGI), explored the current state of the Cypriot energy market to provide evidence that can support the country's transition to a green interconnected market-based energy model. The research team conducted a thorough evidence review to fully understand the current and future state of play in Cyprus and identify best practice from the Nordic power market, considered one of the world's most successful. Interviews with sector experts from Cyprus and Norway helped fill gaps in the team's understanding and draw attention to important aspects of the Cypriot and Nordic power markets.