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Cyprus

Next electricity bills will be 8 per cent lower… but it may not last (Updated)

The EAC said on Monday that bills being issued for February and March would be 8 per cent lower compared to the previous bill.

The price decrease was a result of falling fuel prices, EAC general manager Stelios Stylianou said at a news conference.

Including the latest rate 8 per cent reduction, the EAC’s rates over the past two months will have dropped by 14 per cent, and by as much as 35 per cent since 2013, Stylianou said.

This applied to household and industrial consumers alike.

According to data distributed to the media a typical monthly household bill (with a consumption of 800 KWh) for March this year would come to €153, compared to €185 in March 2014.

But Stylianou cautioned consumers not to expect the trend to continue, as crude oil prices worldwide are stabilising and expected to start rising.

Crude prices took a sharp decline in June last year, plunging from around $115 per barrel to $50 per barrel by end-January 2015.

 

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