The most recent electricity rates for November show an increase of about 5 percent compared to the sample bill for a residential customer (a family of four), based on the previous month’s meter reading and total consumption of 800 kilowatt-hours (kWh) over the two-month period, Cyprus Electricity Authority (CEA) spokesperson (AEK), Christina Papadopoulou, told CNA.
She noted that electricity bills are issued daily, while the fuel price adjustment takes place at the end of each month.
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Ms. Papadopoulou said that the price of one kilowatt-hour, including 5% VAT, is 33 cents, and added that “there has been an increase in the price of electricity due to the rise in the price of liquid fuels resulting from the current international energy crisis, which is affecting us all.”
That is why the issue of reducing energy costs is a concern for all EU member states, she added.
Ms. Papadopoulou explained that any increase or decrease in the international price of oil is “passed on to consumers, with a slight time lag, because we are required to maintain fuel reserves for about two months.”
“There is no way a decrease could occur without being passed on to the consumer because the EAC is fully regulated,” she added.
He noted that “the EAC’s pricing is regulated and approved by the Cyprus Energy Regulatory Authority (RAEK), and electricity rates are always monitored by all relevant authorities.”
