Electricity prices in Cyprus rise by five percent in November

Electricity bills for households in Cyprus have increased by approximately 5% in November. According to Christina Papadopoulou, spokesperson for the Electricity Authority of Cyprus (EAC), this adjustment is based on a standard two-month consumption of 800 kilowatt-hours for a family of four, with the current rate reaching 33 cents per kilowatt-hour, inclusive of 5% VAT.

The price hike is attributed to rising costs of liquid fuels driven by the ongoing international energy crisis, a challenge currently facing all European Union member states. The EAC clarifies that international fluctuations in oil prices are passed on to consumers with a delay of approximately two months, as the authority maintains fuel reserves to ensure supply stability. While electricity bills are issued on a daily basis, fuel price adjustments are officially recalculated at the end of each month.

The authority indicates that the current energy market remains volatile, affecting domestic and business expenses alike. Consumers are advised to prepare for the continued financial impact of these higher costs, as global market conditions continue to dictate local tariff adjustments.