Electricity bills will decrease by at least 3.6 per cent in February compared to December, the electricity authority (EAC) announced on Monday.
According to the EAC spokeswoman, Christina Papadopoulou, the price change is due to the Cyprus Electricity Regulatory Authority’s (Cera) fuel adjustment which is done every six months, meaning the decrease is valid until June.
The adjustment is related to the cost of the fuel mix of heavy fuel oil, diesel and renewable energy sources.
In addition to the 3.6 per cent, February prices will likely fall further, due to changing fuel costs which are adjusted on a monthly basis.
“The exact amount of the reduction will be known by the end of the month, in two to three days,” Papadopoulou explained.
The decrease is a welcome change after electricity prices kept increasing in 2018 due to a rise in international oil prices.
In November it was reported that within one year, electricity prices rose 27.7 per cent. At the beginning of October the EAC announced that the average household should expect an almost 7 per cent hike on upcoming October bills, compared to those paid in August.