Cyprus Mail

Electricity authority pre-purchases low priced fuel

The electricity authority (EAC) said on Friday it has pre-purchased 60,000 metric tons (MT) of fuel oil in an effort to make the best use of the low fuel prices recorded during this period in to best benefit of consumers.

According to an EAC announcement, this will be used to generate electricity from the utility’s stations in the near future.

It said that the pre-purchase was made through a Contract of Exchange, which is a kind of term contract, and after a thorough evaluation of the data on the international fuel market and the implementation of all legal procedures, also taking into account the relevant opinion of the Audit Office of the Republic.

The EAC said it is constantly studying the landscape in the fuel market and is ready to make new moves in the direction of pre-purchase always in accordance with the current legislation and the competent state institutions and “with a commitment to ensuring the greatest possible benefit for consumers.”

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Source: Cyprus News Agency