Power Energy Cyprus (PEC) with consideration to the increasing energy consumption demand and to the planned electricity market liberalization, has acquired all the necessary permits and begun construction of a state-of-the-art Combined Cycle Power Plant in Mari Area. The Power Station is anticipated to be in full operation by 2023 and is projected to be in line with the arrival of LNG on the island. It is an estimated investment of 200 million euros.
Mari Power plant will use the latest technology in power generation. It will be a gas fired combined cycle power plant but will also be operated with diesel if necessary. The new turbines will produce electricity with less fuel therefore less cost. Furthermore, natural gas will be the primary fuel for the power plant which is much cheaper than Diesel and Heavy Fuel Oil.
PEC has a crucial role to play in the liberalization of the Cypriot energy market, due to our unique capability to efficiently generate and trade electricity around the clock to other licenced energy suppliers, whose only source of generation will be Photovoltaics.
Therefore PEC is aiming to have a percentage of the generated electricity directly sold to end consumers at competitive rates by our licenced electricity supplier sister company and have the remaining energy traded to other energy suppliers in the open market.
The 260 MW Power Station will contribute to the reduction of electricity cost for end-users and will serve the Group plan for becoming a leading Energy Supplier in the Island.