Energy regulator CERA chief Giorgos Shammas said on Monday he expected electricity prices to drop a further 5 per cent from March.
Shammas was speaking after handing over his 2013 report to President Nicos Anastasiades at the presidential palace.
After the meeting Shammas told reporters he had handed over a report for 2013 but he had also briefed President Nicos Anastasiades on energy developments in 2014 including prices and the operation of the electricity market in general.
“I also informed the president that the positive effects of the fall in oil prices on the cost of electricity was very substantial,” he said.
Asked if there would be a further reduction in electricity prices, Shammas said it was his assessment that prices would come down by around 5 per cent from next month.