ELECTRICITY PRICES TO RISE

Cyprus Mail - article by Annette Chrysostomou 8 November 2018

Electricity prices will increase by 4 per cent this month, the Electricity Authority (EAC) announced on Thursday.

According to spokeswoman for the authority Christina Papadopoulou, the increase stems from the increase in oil prices internationally.

“As long as we rely on the production of electricity from oil, then fluctuations will be passed on to consumers. Only natural gas production and the use of renewable sources will contribute to a balanced price,” she said.

Within one year, the electricity prices have risen 27.7 per cent. At the beginning of October the EAC announced that the average household should expect an almost 7 per cent hike on upcoming October bills, compared those paid in August. Again, the increase was attributed to rising oil prices.

When lawmakers tried to blame the electricity authority for the high prices at the time EAC head Andreas Marangos stated that the company has no wriggle room whatsoever to reduce its charges.