It is a given that a vital commodity such as electricity should be offered to all consumers – domestic and business – at the lowest possible price.
The exogenous factors that cause the price of electricity to rise in Cyprus, which include the surge in fuel prices and the cost of greenhouse gas emissions allowances, were analysed in a recent EAC announcement (03.09.2021). However, efforts to deal with the upward trend seen in recent months are continuous, through EAC’s cooperation with the State, the Ministry of Energy, the Ministry of Finance and the competent authorities.
In this framework, a decision has been taken to reduce the price of electricity by an amount representing approximately 10% of the average domestic consumer’s bill (i.e. 800kWh over a two-month period).
This reduction will be applied to all bills issued on the basis of meter readings carried out in November and December 2021 and in January and February 2022.
The EAC Board of Directors has informed the Cyprus Energy Regulatory Authority, which is the competent body in such matters, of the decision and has received the necessary approval.
This latest reduction comes after the 10% discount that was offered to all EAC customers for a six-month period last year.
Proposals will be submitted shortly to the Ministry of Energy, in the context of broader efforts aimed at securing medium- and long-term solutions that will reduce the cost of power generation and pass on the resulting benefit to consumers.
It should be noted that society’s understandable demand for the cheapest possible electricity needs to be reconciled with the limits of EAC’S financial capabilities, which are not inexhaustible, in order to ensure the continuation of the Authority’s essential investment programme and the reliability of the system of Generation, Transmission, Distribution and Supply of electricity.
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Press Office: 17 September 2021
