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Cyprus sees highest EU drop in electricity price, but still expensive

21 May, 2014

Cyprus recorded the highest decrease in electricity price, among the countries of euro area in the second half of 2013, according to data released Wednesday by Eurostat.

Compared with the same period of 2012, the prices in Cyprus fell by 14.7%.
The average price in the euro area was 21.3 euros / kWh, in the EU28 20.1 euros / kWh and in Greece 17 euros / kWh. Compared with the same period of 2012, the price rose by 4.2% in the euro area, by 2.8% in the EU28 and by 19.7% in Greece.

When expressed in purchasing power standards (PPS), an artificial common reference currency that eliminates general price level differences between countries, it can be seen that, relative to the cost of other goods and services, the price of electricity in Cyprus was the highest in the EU28 , having reached in the second half of 2013 to 28.2 PPS per 100 kWh, while the EU average was 20.7 kWh PPS/ per 100 kWh and in Greece 19.4 PPS / 100 kWh.