In accordance with protocol, I would like to welcome you all and thank you for honouring us with your presence on this particularly important occasion.
Dear Chairman, Vice-Chairman and Members of the Board of Directors of the Electricity Authority of Cyprus,
As your term of office draws to a close, I feel compelled, on behalf of the Management and staff of the Electricity Authority of Cyprus, to express our sincere gratitude for your contribution, the countless hours you have devoted and the support you have provided over the past 30 months.
Throughout this particularly demanding period, marked by persistent challenges in the energy sector, we were called upon to manage complex issues and take decisions carrying significant responsibility—decisions that had a material impact on the economic and social life of our country.
The Board of Directors discharged its institutional role with responsibility, diligence and a firm commitment to safeguarding the stability and future prospects of our Organisation.
Of particular importance was the excellent cooperation developed between the Board of Directors, the Management, the trade unions and the staff of the Authority.
Through mutual respect, open dialogue and commitment to the Organisation’s mission, we succeeded in advancing major projects, undertaking initiatives that strengthen the reliability and resilience of the EAC, and laying solid foundations for the future of a modern Organisation.
Ladies and gentlemen,
The challenges we faced, both great and small, have made us wiser. At the same time, the electricity system continues to expand, digitalise and modernise. By the end of 2025, the total connected capacity from renewable energy sources had exceeded 1,100 MW, while approximately a further 1,000 MW is expected to be connected and integrated into the system by 2030.
In the area of electricity generation, construction of the new Combined Cycle Unit No. 6 at Vasilikos Power Station has been completed. The unit is currently being kept in standby and under long-term preservation until it can enter commercial operation once natural gas becomes available.
At the same time, EAC Generation is pursuing the installation of additional photovoltaic systems and energy storage facilities, based on the findings of the Development Programme study.
Our consistent objective is to diversify and enrich the generation mix with affordable green energy, thereby reducing electricity prices and passing the resulting benefits directly on to households and businesses.
To safeguard security of supply, system stability and the reinforcement of Dhekelia Power Station as the country’s second hub for continuous electricity generation, the Generation Business Unit is proceeding with the installation of an energy storage system with a power capacity of 80 MW and an energy capacity of 160 MWh, as well as three gas turbines with a total nominal capacity of 81 MW.
Regarding networks, a strategic decision of the EAC Board of Directors is the development of a fibre-optic telecommunications network for operational communications and the support of the electricity distribution system. The project is expected to involve total expenditure of approximately €46 million by 2032.
Two tenders relating to the project were launched in 2026, with the aim of commencing its full implementation. Anticipated funding from the Just Transition Fund amounts to €17 million.
As regards electricity transmission, six major projects have been completed and a further six are currently under way. Overall, during the 2024–2026 period, tenders with a total value of €145 million were awarded.
Under the THALIA 2021–2027 Cohesion Policy Programme, funding of €37 million has been secured, of which €8.7 million has already been drawn for Transmission projects and €7.7 million for Distribution. As part of our ongoing efforts to modernise the electricity network, we continue to replace existing equipment with new, automated systems. To date, 300 Distribution Substations have been upgraded, including 117 completed during 2025 alone.
Equally important are the measures the EAC has implemented to prevent and respond to wildfires. A comprehensive Wildfire Management Manual has been developed, setting out clear procedures, roles and response protocols from the moment the Authority is notified of any fire incident.
Throughout the year, preventive maintenance, patrols, inspections and vegetation management are carried out, particularly in forested and forest-adjacent areas. Projects to replace bare overhead conductors with insulated lines in selected forest locations are planned and monitored on an ongoing basis, in close coordination with the Joint Coordination Team comprising the EAC, the Department of Forests, the Fire Service and the Game and Fauna Service.
We have also invested in modern technologies. Drones are now deployed for preventive patrols, network inspections and the rapid assessment of damage following incidents such as wildfires, enabling even faster and more targeted response operations.
At the same time, EAC personnel have received specialised training from the Fire Service—whom I would like to thank sincerely—in the operation of our firefighting vehicles, as well as in essential wildfire safety procedures and firefighting techniques.
The Authority has acquired eleven firefighting systems, mounted on EAC vehicles and deployed across all Districts. In addition, four mobile generators have been purchased to support the temporary restoration of electricity supply during emergency situations.
It is also important to recognise the exceptional efforts of our Distribution colleagues following the devastating wildfire that struck the mountainous region of Limassol in July and August 2025. A major restoration operation was launched immediately. For 33 consecutive days, crews of more than 100 employees each day, drawn from all Districts, worked tirelessly to restore the damaged network. During this period, more than 100 kilometres of overhead electricity lines were rebuilt, while 1,400 utility poles were replaced.
However, the role of the EAC extends well beyond electricity through the activities of our Non-Regulated Activities Business Unit. Notable examples include the desalination plant at Vasilikos Power Station and the photovoltaic park at Tseri.
I would also like to mention the new Mobile Desalination Unit at Vasilikos Power Station, with a production capacity of 10,000 cubic metres of desalinated water per day, which is currently at the final stage of the procurement process. In parallel, we have already submitted a proposal for the development of a larger desalination facility to further strengthen Cyprus’ resilience and long-term water security.
At the same time, we continue investing in the future and in the electrification of energy. We are expanding and enhancing our E-Charge electric vehicle charging network, while providing renewable energy and energy efficiency services to third parties, including public schools, public hospitals and military camps.
We are also upgrading public street lighting infrastructure, making a tangible contribution to the transition towards smarter, more sustainable cities.
Ladies and gentlemen,
At the heart of everything we do remains one constant priority: the customer.
During 2025, our Contact Centre continued to operate seamlessly from its new premises, offering improved working conditions and enhanced customer service capabilities. At the same time, we introduced our new Remote Agents service, enabling employees to work remotely, particularly during afternoon and overnight shifts, with further expansion of the service expected in the near future.
Throughout 2025, our Accounts Service handled more than 314,000 customer calls. We also continued sending SMS reminders to customers who had not settled their electricity bills on time. This provides customers with an additional reminder, alongside the written notification they receive, helping them avoid unnecessary inconvenience before any further action becomes necessary.
EAC continues to actively promote the electronic delivery of electricity bills through its e-bill service as part of a long-standing awareness campaign.
When the campaign was launched in November 2017, approximately 38,000 customers had opted to receive their bills electronically. By the end of 2025, that number had grown to more than 234,000 customers, reaching 245,000 by April 2026.
The resulting savings in paper and postage costs are significant and are channelled towards supporting charitable organisations. During the 2024–2025 period alone, the EAC donated a total of €94,200 to charitable institutions through this initiative.
Ladies and gentlemen,
The Electricity Authority of Cyprus has always played—and will continue to play—a vital role in the daily lives of our citizens and in supporting the country’s economic activity. Fulfilling this responsibility requires consistency, technical expertise, determination and, above all, close cooperation among all stakeholders.
As Management, we reaffirm our commitment to continuing our work in the same spirit of cooperation with the new Board of Directors, as well as with the Ministry of Energy, Commerce and Industry, the Cyprus Energy Regulatory Authority (CERA), the Cyprus Transmission System Operator (TSO) and all our institutional partners.
The success of the energy transition, and the delivery of a reliable, economically sustainable and modern energy system, depend on a shared vision, effective coordination and mutual support.
For this reason, we also look forward to the continued support of all competent authorities towards our Organisation, always within the framework of a competitive electricity market. At the same time, it is important to recognise that the Electricity Authority of Cyprus is not a private company driven solely by profit. It is a public utility entrusted with serving the public interest. This places upon us a responsibility to respond effectively to ever-increasing demands while delivering the investments and reforms necessary to secure Cyprus’ energy future—for the benefit of citizens, businesses and society as a whole—while remaining financially sustainable and fully competitive.
Mr Chairman, Vice-Chairman and esteemed Members of the Board of Directors,
Allow me, in closing, on behalf of the Management, our employees and personally, to express our heartfelt appreciation for your cooperation, your confidence and your unwavering support throughout your term of office.
Your contribution to the progress of the Organisation has been substantial and enduring. Through your decisions, your experience and your commitment to good governance and the public interest, you have played a decisive role in guiding the EAC through a period of unprecedented challenges while helping shape its future.
We sincerely wish you good health, personal happiness and every success in your future endeavours. We are confident that the legacy you leave behind will continue to inspire and guide the Organisation in the years ahead.
Thank you once again for your outstanding service. It has been both a privilege and an honour to work alongside you.
