CYPRUS: Electricity bills down 8%, cuts of 14% in 2 months

The Electricity Authority of Cyprus, the state-owned near-monopoly that is headed for privatisation by 2018, said that the March bills will be about 8% lower for consumption up to the end of February, due to a combination of lower crude prices and administrative savings by the utility.

A senior EAC official had said last week that the cuts would continue, regardless of the global prices of oil, while the authority is still headed to convert its power stations to LNG starting from 2016.
The EAC said on Monday that the total reduction in electricity bills over the two months has now reached 14% and about 35% from the start of 2013, two years after a munitions explosion at a nearby army barracks decimated the central Vassiliko power station and brought the island’s economy and output to its knees.
The utility also said that the reductions are across-the-board for all types of consumption, including commercial, industrial, street lighting, agricultural and storage heaters.