Cyprus Mail

Electricity price reduction made permanent (updated)

THE ENERGY regulator, CERA, has decided to make a temporary 8 per cent reduction in the price of electricity permanent, starting February, it was announced on Friday.

CERA said the reduction will kick in at the end of February for clients on a monthly bill, and the end of this month for those whose consumption is measured every two months.

State broadcaster CyBC reported that the electricity authority (EAC) has appealed the decision at the Supreme Court.

The authority believes the decision will negatively affect its surplus and reduce its value, which is especially important now after the government’s decision to privatise the organisation.

The temporary reduction was being reviewed every two months.

The initial decision was taken in April last year, citing the dire economic conditions in the country.

The regulator said it will review its decision if and when necessary, depending on the prevailing conditions.

CERA said it will also take into consideration EAC’s pledge to roll out a programme to cut operational costs, and implementing measures to increase productivity and reducing the cost transferred on consumers.

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