Consumers are being asked to pay higher electricity bills, as rising fuel prices continue to affect the cost of electricity. Speaking on the Alpha News program, the spokesperson for the Cyprus Electricity Authority, Christina Papadopoulou, presented the increases over the past six months, leaving open the possibility of further rate hikes.
According to Ms. Papadopoulou, the cost of purchasing fuel rose by 41% from May through November, with the price per metric ton climbing from €700 to €990. “Even with these figures, the increase in electricity bills was limited to 26%,” he said, explaining that the price per kilowatt-hour, including VAT and other charges, now stands at about 34 cents, compared to 26 cents in May. Compared to last November, the increase in the price of electricity amounts to 21%, though she clarified that these comparisons are also influenced by the government relief measures that had been implemented previously.
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Referring to how charges are calculated, she explained that “any increase or decrease in liquid fuel prices is passed on to consumers,” as fuel prices are adjusted monthly. The EAC maintains a stockpile sufficient for about two months, despite receiving new shipments every two to three weeks, with the result that price changes are reflected in bills with a time lag. When asked whether further increases are expected, Ms. Papadopoulou did not rule out the possibility of further increases, noting that the picture will become clearer with the next adjustment. “We don’t know. We’ll have to wait and see,” she said.
Regarding vulnerable population groups, the EAC Press Spokesperson noted that the special rate (code 08) remains significantly lower than the standard residential rate (code 01). As she explained, total charges are approximately 20% lower, while beneficiaries also benefit from the reduced 5% VAT rate and a subsidy from the Ministry of Finance. He clarified, however, that increases in fuel costs also affect this specific category of consumers. At the same time, he emphasized the need for those who meet the criteria to submit applications in order to benefit from the available relief measures.
Responding to questions about consumers who own solar panels, he clarified that increases in fuel prices can also affect their bills if they need to purchase electricity from the grid. In cases where there is a sufficient energy credit balance from previous generation, the corresponding charge may be zero. Therefore, installing a photovoltaic system does not necessarily mean that the consumer is unaffected by price increases.
Finally, regarding smart meters, Ms. Papadopoulou noted that approximately 450,000 have already been installed, clarifying that the service fee will not be eliminated with the replacement of conventional meters. “This fee may be adjusted, since there will be no on-site visits,” she noted, explaining that there are still costs associated with data management and system monitoring for billing purposes. It was also reiterated that consumers facing difficulties in paying their bills can contact the EAC’s customer service centers to explore the possibility of paying in installments.
