Within the next few days, the Board of Directors (BoD) of EAC will decide whether or not to impose a 6% increase on electricity bills. During the discussion of EAC’s budget in the Parliamentary Committee on Economics, the Chairman of the Board of Directors, George Petrou, stated that the decision would be made soon.
“Please be patient for a few days, a lot of work has been done. We are very close, and a decision will be made within days,” he noted.
According to Petrou, EAC will proceed with two machines to be installed at the electricity generating station in Dekelia, adding that the purchase cost is estimated at €80 million, while with the operation of storage space, the cost will rise to €110 million to €120 million.
Additionally, he pointed out that EAC faces significant challenges, which are expected to increase and intensify due to the green and energy transition.
“The period we are going through has been characterized as the electric decade,” he added, stating that “EAC has evolved into an organization operationally and financially separated.”
According to Petrou, the Authority is committed to its goal and mission to implement investments and infrastructure for the modernization of the electricity system. Petrou also mentioned EAC’s objectives, which include implementing the development program and continuously improving the four core regulated activities, namely production, transmission, distribution, and supply of electricity to enhance all users of the Cyprus electricity system and EAC’s customers.
Among the objectives is the implementation of the development program for the non-regulated activities of EAC as well as the implementation of the equipment and facilities maintenance program.