PHAETHON Launches Monthly Market Insights: October Electricity Market Report
Following the historic launch of the Republic of Cyprus’s competitive electricity market on 1 October 2025, the market has now completed its first full month of operation — another major milestone in the island’s transition towards a more open, efficient, and sustainable energy system.
This new market framework empowers consumers with choice, drives innovation, and strengthens Cyprus’s energy independence, while supporting the country’s alignment with EU decarbonisation and clean energy goals.
At the forefront of monitoring and analysing this transformation, the PHAETHON Centre of Excellence (CoE) has published its October Electricity Market Report — the first in a new monthly series that will provide regular insights into market performance, price trends, and the growing role of renewables in shaping Cyprus’s energy future.
“With the market now fully operational, we can begin to observe how competition and renewables interact to shape prices and system performance, as well as drive innovation”, noted Professor George E. Georghiou, the Chief Executive Officer of PHAETHON CoE. “Our monthly reports aim to provide transparent, data-driven insights that guide the island’s transition to cleaner, smarter energy systems”.
📊 Key findings from October:
- The average market price stood at 147.23 €/MWh, down from 157.28 €/MWh in September.
- Zero or near-zero prices were recorded on several days — notably 1 October and 28 October (public holidays) — when renewable generation exceeded conventional production.
- On 20 October, a typical working day, similar zero-price periods occurred, demonstrating how strong renewable output can drive prices down even during standard demand conditions.
- The highest price of 500 €/MWh was observed on 6 October (18:30–20:00), coinciding with low renewable generation and demand being met primarily by conventional units.
These early results show how renewables are already influencing market behaviour — lowering prices during high-generation periods, while revealing the need for flexibility and innovation when renewable output is low.
For further information, please contact Professor George E. Georghiou at georghiou.george@ucy.ac.cy , Dr Andreas Kyprianou at kyprianou.andreas.1@ucy.ac.cy or Mr. Stylianos Loizidis at loizidis.stylianos@ucy.ac.cy.
Download Report
You can download the full PHAETHON Electricity Market Report – October 2025 here:
