On Friday, the final decision of the Electricity Authority of Cyprus’ (EAC) board will be made regarding a 6% increase in electricity bills, clarified George Petrou, the Chairman of the EAC.
He explained that this increase is inevitable as it is urgently needed for the upgrade of the Authority’s network; otherwise, there will be a problem in electricity production and shortage by the summer of 2025 based on the current needs.
Mr. Petrou estimated the increase per kilowatt-hour to be approximately 1.8 – 2 cents, meaning it would rise from 27 cents per kilowatt-hour to 29 cents.
The EAC Chairman also made it clear that the other proposed 13% increase (previously mentioned as 25%) cannot be implemented due to a pending court case, which is expected to be resolved in two years.
Mr. Petrou further mentioned that the possibility of continuing the subsidy for electricity solely concerns the Government and the Ministry of Finance.
However, he emphasized that under the current circumstances, energy conservation is imperative, sending a very serious message to all consumers.