Cyprus recorded the third-highest increase in electricity prices in September, among 33 European countries. According to a Finnish analytics firm, the increase in electricity prices for residential consumers reached 7%.
Sweden recorded the largest increase, at 11%, followed by the Netherlands at 8%. Denmark and Estonia also recorded a 7% increase—the same as Cyprus.
Meanwhile, in 14 European countries, there was no change in the price of electricity.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
81% of the price of electricity in Cyprus is attributable to production costs, which, according to the company’s analysis, remain higher compared to the other 33 countries. All of this is happening amid a dramatic increase in fuel prices, particularly diesel.
“75% of the fuel used for electricity generation in Cyprus is diesel. If the price rises even further, the cost of electricity will increase significantly.”
Charles Ellinas – Energy Expert
Nightmarish forecasts for fuel
The average price of diesel at gas stations across Cyprus stands at 2 euros and 02 cents, while the average price for unleaded 95 is 1 euro and 74 cents. Heating oil, whose price is breaking one record after another, has reached 1 euro and 66 cents. The outlook, however, is bleak, with experts estimating that the price of diesel will see an additional increase of around 10% in the coming months.
It could go as high as 2.20–2.25, and if the special excise tax isn’t extended—if this 8% reduction isn’t extended—then you can see that it will rise even further in November. The refineries need to resume operations. That is the problem, and it is not expected to happen before next year.”
Charles Ellinas – Energy Expert
Charles Ellinas notes that even if the refineries do reopen in the near future, normalcy will not be restored until sometime next year.
Watch the report by Nasia Ioannou:
