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Cyprus

EAC bills to rise but then fall due to fluctuating oil prices

CONSUMERS will see their next bi-monthly electricity bills slightly increased due to a rise in oil prices but there will be a drop later, as international prices have fallen again since, the electricity authority’s (EAC) spokeswoman Christina Papadopoulou said on Wednesday.

According to Papadopoulou, between July and September the increase will be around 10 per cent.

The elevated electricity prices are due to the increase recorded the previous months in oil prices internationally, Papadopoulou said, but which have plummeted again. “This, would have a positive effect on subsequent electricity accounts,” Papadopoulou told the Cyprus News Agency (CNA).

The EAC keeps fuel stocks for three months, she said, therefore fluctuations in electricity prices lag as regards changes observed in oil prices internationally.

Other factors that affect electricity prices are the type of fuel purchased, the amount of fuel used and the exchange rate, as fuel is being bought in US dollars, Papadopoulou said.

As for uncollected debts from consumers, the amount is now at €24m, she said, €16m of which concern closed accounts of companies that suspended their operations. The utility is trying to recover that amount through the courts.

In the last year, uncollected debts have decreased by 17 per cent, she said.

 

 

 

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