The Electricity Authority of Cyprus (EAC) is working to pre-purchase lower-cost fuel in a bid to reduce electricity prices, according to EAC President Giorgos Georgiou.
“We’ve made two moves,” he said. “First, we placed the largest order we could within the capacity of our storage tanks. Second, we’re currently in talks with suppliers to pre-purchase three or four shipments at today’s prices.”
He added that while no deal has been finalised yet, the goal is to lower costs for consumers.
When asked how fuel prices are determined, Georgiou explained that it depends on the type of contract: “Our agreement allows us to average the market price over 15 days before delivery. That gives us some protection from price spikes.”
However, he stressed that a single deal won’t lower electricity bills overnight. Major factors include the long-awaited arrival of natural gas and the recent law passed by parliament allowing large-scale battery storage for surplus energy.
He also pointed to new generators due to be installed in Dhekelia that will enable faster ramp-up and shutdown, which could help regulate supply and demand more efficiently.
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