Electricity bills have increased by 5% in November compared with the previous month’s indicative bill for a household of four consuming 800 kilowatt-hours (kWh) over a two-month period.
The increase was confirmed by Electricity Authority of Cyprus (EAC) spokesperson Christina Papadopoulou, who explained that the comparison concerns a household bill based on a meter reading taken the previous month.
She said electricity bills are issued daily, while fuel price adjustments are made at the end of each month.
Electricity price reaches 33 cents per kWh
Papadopoulou said the price of electricity currently stands at 33 cents per kWh, including 5% VAT.
She attributed the increase to higher prices for liquid fuels resulting from the ongoing international energy crisis.
“An increase in the price of electricity is being observed due to the rise in liquid fuel prices resulting from the international energy crisis we are experiencing, which affects us all,” she said.
She added that reducing energy costs is also a concern for all EU member states.
Changes in international oil prices passed on to consumers
Papadopoulou explained that increases or decreases in international oil prices are passed on to consumers, although not immediately.
This delay is due to the EAC maintaining fuel reserves sufficient for approximately two months.
“There is no possibility that a reduction will occur and not be passed on to the consumer, because the EAC is fully regulated,” she said.
She stressed that EAC electricity tariffs are regulated and approved by the Cyprus Energy Regulatory Authority (CERA), with electricity charges subject to checks by all competent authorities.
Also read: Fuel prices: Further reductions expected within days
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