Electricity hike decision delayed

The Cyprus Electricity Authority (EAC) did not decide on electricity hikes on Friday, passing the responsibility to the Cyprus Energy Regulatory Authority (Cera) for failing to decide on price adjustments.

Currently, there are two requests to jack up the prices – one is at six per cent, and the other at 25 per cent. The former is almost certainly a given, while there is large momentum and government pressure to withdraw the 25 per cent request.

In their statement following the board meeting on Friday, the EAC said: “At the current stage, no decision was made by Cera on the price adjustment. Therefore, there is nothing to announce currently.”

EAC said that as soon as Cera decides than the board of EAC will study the decision and proposal to make their final decision.

Energy Minister George Papanastasiou said a decision was expected on Thursday during the EAC board meeting, however the organisation’s chairman Giorgos Petrou clarified this would be done on Friday.

“We will assess our financials on Friday and take a responsible decision,” Petrou told CNA. The session will address the six per cent hike.

The 25 per cent raise will be discussed during Tuesday’s board meeting, he added.

According to Petrou, the EAC will receive legal advice and will likely move to withdraw a court appeal requesting the 25 per cent increase.

The figure stems from a request the EAC filed to Cyprus’ energy regulatory authority (Cera), as it is required to submit its expenses for claims.

A 25 per cent request was rejected by Cera, but EAC appealed the decision at an administrative court.