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Cyprus

Electricity prices to drop for most consumers

EAC headquarters

Consumers could be seeing a drop in their electricity bills as the power company EAC will be introducing a new tariff system from Friday.

“There will be a general reduction of six per cent to most customer categories,” spokeswoman Christina Papadopoulou said.

The system will be in place until the end of this year. It will be reviewed every year on the basis of the EAC’s projected revenues, which are subject to the approval of the energy regulator.

Papadopoulou said the EAC was simplifying its tariff system, cutting the number of categories from 30 to 11.

The main reason for the change is the reduction to EAC profits for 2017 imposed by the regulator. This year would see the EAC earning €30m less and that money has to be transferred to consumers.

There will be three household tariffs with changes to the main one.

Instead of the staggered charges currently in force, whereby the charge increases with consumption, the company will introduce fixed charges for every KW.

With the new system, people who paid €150 bimonthly, would see a four per cent reduction to their bills.

Those paying €200 would see a higher reduction.

There will also be a tariff for vulnerable groups, and a new one with lower charges during the night.

It will be cheaper between 11pm and 9am, and vice versa between 9am and 11pm.

Papadopoulou said people who feel they would benefit from this scheme would have to apply to the company.

The rest of the tariffs concern small commercial clients, large commercial clients, small and large commercial clients on seasonal time of day (Stod) low voltage, large commercial clients on Stod medium voltage, very large clients on Stod high voltage, street lighting, water pumping, storage heaters.



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