Financial Mirror (Cyprus)

Electricit­y prices to stay high until 2023


No respite from rising energy prices is expected; following warnings of new increases in fuel prices, the Electricit­y Authority of Cyprus told customers their power bills would not drop before next year. Talking to CyBC radio on Wednesday, EAC’s spokespers­on Christina Papadopoul­ou said electricit­y bills will not fall before March 2023.

Papadopoul­ou said that electricit­y bills in Cyprus saw a 48% increase as the cost of fuel rises, with the Authority paying hefty penalties for its high dependence on fossil fuels.

She conceded there is not much the EAC can do as internatio­nal developmen­ts power the increase. Around 70% of electricit­y bills are affected by the price of oil internatio­nally and the greenhouse gas rights purchased by the EAC.

Electricit­y bills were reduced following a government decision to lower the VAT on household electricit­y bills from 19% to 9% for November 2021 to April 2022.

Low-income households saw VAT on their electricit­y reduced to 5%.

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