Electricity costs in Cyprus rise by 27 percent

Electricity prices in Cyprus have increased by 27% since May, driven by rising international oil prices that surpassed $110 per barrel. Christina Papadopoulou, spokesperson for the Electricity Authority of Cyprus (EAC), confirmed that the current average cost of electricity is 33 cents per kilowatt-hour, up from 26 cents in May. A typical household consuming 800 kWh per two-month period now pays €264, while a 1,000 kWh consumption results in a €330 bill.

EAC officials explain that approximately 70% of the electricity tariff is tied to fuel costs. The average price of fuel surged from €620 per metric ton in April to €920 today, representing a 48% increase. The authority noted that the lower-priced fuel stocks and greenhouse gas emission permits secured earlier were exhausted during the high-demand summer months, forcing consumers to face current market rates. Additionally, historical comparisons are complicated by the fact that the earlier period included a temporary reduction of VAT to 5%.

Public discourse has intensified regarding fuel taxation, with new legislative proposals seeking greater transparency in consumer billing. As international oil prices remain volatile, the future trajectory of electricity prices remains uncertain, and households are advised to prepare for continued high costs.