Cyprus electricity prices will rise from May, with increases of up to 7% likely in the short term and potentially reaching 20% by August if oil prices continue to climb, the chairman of the Electricity Authority of Cyprus (EAC) has warned.
Speaking at a press conference at EAC headquarters on Thursday, Giorgos Petrou said the May increase was estimated at around 5%, based on a Brent crude price of approximately $102 per barrel. However, he said recent oil price rises and an incoming fuel shipment expected in early April could push the increase to between 5% and 7%.
Looking further ahead, Petrou said that if oil prices reach $110 to $115 per barrel, electricity costs could rise by as much as 20% by August.
He stressed that all forecasts remain highly uncertain, with oil prices shifting even within the same day under the influence of geopolitical developments, the ongoing war and the risk of market supply shortages.
Despite the volatility, Petrou said the EAC was continuing fuel imports as normal and had no plans to suspend purchases even at elevated prices. The authority received a shipment last week and expects another in early April, with the aim of keeping reserves at the highest possible level. Current stocks are sufficient for around two months, he said.
Recent imports have come from European countries — specifically Spain and Italy — rather than the Gulf region, which had previously been a source of supply. Petrou said he hoped market conditions would develop smoothly.
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