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Energy bills set for further hike this month

electricity wires

Energy bills will climb by 6.8 per cent by the end of the month, EAC spokesperson Christina Papadopoulou said on Tuesday.

Papadopoulou told CyBC that the authority is predicting this increase not only as a result of higher oil prices, but also because it has factored in higher greenhouse gas emissions charges.

She explained that Cyprus was heavily affected by the increase in oil prices because it relies heavily on oil for fuel and heating.

She said that the conditions prevailing in the energy sector are completely different and incomparable with other years due to the pandemic.

She also addressed data recently published by Eurostat on electricity prices in the EU, which showed that Cyprus recorded the third largest increase in the EU, with electricity bills shooting up by 36 per cent in the second half of 2021.

“In 2020, compared to the previous half of 2021, the price of oil was at unprecedented low levels due to the shrinking global economy. As economic activity started to return to normal rhythms, the price of liquid fuels began to rise”.

According to Papadopoulou, Cyprus is a small and isolated electrical system without interconnection with the electricity networks of other neighbouring countries, which means it is necessary to invest continuously in infrastructure to meet changes in electricity demand – which specifically for Cyprus, has a lot to do with fluctuations in the weather.

Any price comparison on a European level without reference to the specifics of each country is therefore inappropriate, she said, as there are no other options on the island such as nuclear power, gas and lignite.

 

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