The Electricity Authority of Cyprus (EAC) reported a net profit of €36 million for 2023, attributing the improvement to tariff adjustments and reduced fuel costs.  Giorgos Petrou, Chairman of EAC’s Board of Directors, highlighted the authority’s focus on energy storage during a presentation on their 2023 achievements.  “A large energy storage system (160 MWh) is planned for Dekeleia,” Petrou said. “Licensing is underway with the Cyprus Energy Regulatory Authority (CERA), and a town planning permit application has been submitted.”  He added that EAC, in collaboration with the Cyprus Transmission System Operator, conducted a preliminary study for installing battery storage systems with a total capacity of 240 MWh. The €60 million project will be funded by the European Union.  EAC’s total revenue for 2023 reached €1.3 billion, with total expenses at €1.2 billion. Operating profit was €61 million, reflecting a 3.1% return on net assets.  Petrou pointed to a €98.5 million reduction in operating expenses, primarily due to lower fuel costs and decreased energy purchases from third parties (down to €63.3 million from €103.9 million).  Fuel costs dropped 14% to €575 million in 2023 compared to €671 million in 2022. However, greenhouse gas emission allowance costs increased by €8 million to €256 million due to a rise in average allowance prices. EAC reported an average purchase price of €83.93/allowance in 2023 compared to €80.02/allowance in 2022. Purchases made so far in 2024 show an average price of €64/allowance. (ICE BEIRUT)

Fonte notizia: in-cyprus.philenews.com