Cyprus Electricity Market: Monthly Report-April 2026

This report examines the performance of the competitive electricity market in Cyprus during April 2026, focusing on the Day-Ahead Market (DAM) and the Forward Market (FM). The average Market Clearing Price (MCP) reached €171.67/MWh and the overall Volume-Weighted Average Price (DWAP) for April 2026 was €224.51/MWh, remaining elevated due to increased fuel costs linked to geopolitical tensions. The month was characterized by frequent zero-price periods during midday, driven by strong photovoltaic (PV) generation, and sharp price increases in the evening when demand is met by conventional generation. A forecasting methodology developed by the PHAETHON CoE was applied to the Cypriot market, demonstrating promising performance in capturing low-price periods. Overall, the results highlight that price formation is driven by the interaction between RES generation, demand, and system conditions.