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Cyprus

Electricity prices have fallen 48 per cent in three years, EAC says

Electricity prices fell 8 per cent in March over the previous month, the Electricity Authority of Cyprus (EAC) said on Monday.

The drop over the past 12 months in the cost to consumers reached around 24 per cent, and compared with two years ago it had fallen 39 per cent, while compared with three years ago electricity is 48 per cent cheaper, the EAC said.

“This is mainly due to the reduction in fuel prices internationally and the optimum management and development of EAC activities and functions,” the EAC said.

It said that for example, a domestic customer with a total consumption of 800kWh, which is the consumption of an average household over two months, will pay €114 this month, while last year in April with the same consumption they would have paid €150.

“It is worth mentioning that the billing rate of households per kilowatt hour is the same average price per kWh among the 28 member countries of the European Union, despite the fact that EAC’s operates a small isolated system, fully dependent on imported fuels,” the utility said.

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