Cyprus Electricity Authority (EAC) President Giorgos Petrou expressed uncertainty over electricity cost fluctuations in the coming months. Speaking at a press conference at the EAC headquarters, he noted that for May, based on Brent crude oil at around $102 per barrel, electricity prices are expected to rise by approximately 5%. However, due to recent price increases and an upcoming fuel shipment in early April, the rise could reach 5–7%.
August costs could surge
Looking ahead to August, Petrou warned that if oil prices reach $110–115 per barrel, electricity costs could increase by up to 20%. He emphasised that price fluctuations are now frequent and significant, influenced by global market developments and geopolitical conditions, including the ongoing war and potential supply shortages.
EAC maintains fuel imports
Despite the uncertainty, the EAC continues regular fuel imports to ensure sufficient reserves. Petrou confirmed that a shipment arrived last week, with another expected in early April, maintaining maximum stock levels. Current reserves are sufficient for roughly two months.
European fuel sources
Recent imports have come from European countries such as Spain and Italy, differing from past imports which included Gulf regions. Petrou expressed hope that market conditions would stabilise in the near term.
Source: CNA
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