The announcement of the EAC for a decision to reduce the price of electricity

It is a given that a vital good, such as electricity, must be offered to consumers, households and businesses, at the lowest possible price, the Cyprus Electricity Authority said in a statement.

The external reasons that increase the price of electricity in Cyprus, and which include, among other things, the launch of fuel costs and the cost of purchasing greenhouse gas emission allowances, were recently analyzed in a relevant announcement-update of the EAC, d. 3.09.2021. However, the effort to deal with the growing trend of recent months is continuous, through the cooperation of the EAC with the State, the Ministry of Energy, the Ministry of Finance and the Competent Authorities, he said.

He notes that, in this context, it was decided to reduce the price of electricity, which corresponds to about 10% in the bill of the average household consumer (ie with a consumption of 800kWh for a period of two months).

The reduction will be applied to all bills issued based on the counts that will be made during the months of November, December 2021 and January, February 2022.

The EAC Board of Directors informed the Cyprus Energy Regulatory Authority about the above decision, which is also the competent institutional body, and the necessary approval has been secured, the EAC said in its announcement.

This new reduction follows the 10% discount given last year by the EAC, for a period of six months, to all its customers.

Suggestions will soon be submitted to the Ministry of Energy, in the context of the wider effort to find medium and long-term solutions to reduce the total cost of production and transfer the benefit to the consumer.

It is noted, finally, that the reasonable demands of the Society for the cheapest possible electricity, must be combined with the limits of the financial capabilities of the EAC, which are not inexhaustible, in order to ensure the continuation of the necessary investment program of the Organization and the reliability of the system. Production, Transmission, Distribution and Supply of electricity.