Cyprus has announced a new policy framework for integrating energy storage systems following a funding agreement with the European Commission, media reports.
The Ministry of Energy, Commerce, and Industry revealed its 'General policy framework for energy storage systems,' which includes deploying centralized energy storage systems and launching a public consultation on how to fund renewable energy sources that can be combined with energy storage system technology.
The state will install a network of central energy storage systems, which will be owned by the national energy supplier Cyprus Energy Authority through its business unit for networks and administered by the Cyprus Transmission System Operator.
The government is budgeting between €10mn and €40mn to fund the cost of renewable energy projects with the possibility of energy storage. At the same time, at least €40mn will be allocated for state-built, owned, and administered central storage systems.
The EU has committed to investing €1bn into Cyprus and its Just Transition Fund between 2021 and 2027 while settling on terms for how that spending should be directed.
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