No price hike for electricity bills

The energy regulator (Cera) on Wednesday ruled out a price increase on electricity bills.

According to a Cera board decision, “It was decided to keep in force for the year 2024 the regulated tariffs of the year 2023.”

The regulator also called on EAC to consider declassifying a letter, which was confirmed to be another counterproposal on tariff increases dated March 4.

Among other numbers previously touted, most recently EAC had sought to increase tariffs by six per cent, something that Cera rejected with its decision on Wednesday.

The EAC had filed a request to the energy regulator for the six per cent rise for the year 2024.

EAC faced political pressure, and the organisation itself had said two weeks ago it would review its books to see whether the planned rate hike could be shelved.

In parliament at the time, lawmakers pointed out that the EAC should tap its cash reserves instead, to avoid passing on costs to the consumer at this time due to the high cost of living.

Earlier on Wednesday, EAC head Giorgos Petrou had met with the opposition Akel general-secretary Stefanos Stefanou to discuss generators at the Dhekelia power station.

He also announced that on Tuesday the EAC approved the pre-purchase of another ten per cent of the fuel needs for the year, in addition to the ten per cent already purchased.

Responding to a question about a recent meeting with Cera, Petrou said it was “so that we could explain to each other our needs, which is the loan to the authority to enable it to proceed with the purchase of the two large generators we need for Dhekelia. That was the reason for our meeting today.”

On his part, Stefanou said the role of EAC is crucial for ensuring energy sufficiency and security in Cyprus.

He added that Cyprus is an island country isolated in the eastern Mediterranean, so it is important that the issues of energy sufficiency and security are resolved.