Shocking increased prices of household electricity in Cyprus over past three years

The average price of electricity consumed by households in Cyprus over the past three years has recorded a shocking increase, according to Cyprus Energy Regulatory Authority (CERA) data.

Specifically, the average price for residential use electricity has more than doubled between August 2020 and August 2023 (108.8%).

At the same time, the cost of household electricity is almost more than double today compared to that in December 2015.

Data shows that in August 2020 the average price of domestic use was 16.15 cents per kilowatt hour compared to this August which is 33.72 cents per kilowatt hour.

This was mostly attributed to the fact that the first coronavirus cases were recorded in Cyprus, thus, oil prices had taken a downward turn internationally due to restrictions and consequent recession.

Partly comforting is that since September 2022 there has been – with only two exceptions for as many months – a gradual small drop in residential electricity pricing.

This is due to reductions in international prices but also to decisions by CERA regarding the cost of purchasing electricity from renewable energy sources from the Cyprus Electricity of Cyprus.

Specifically, the reduction to 11 cents from 20 cents per a kilowatt-hour and the revised fuel revaluation formula.