Cyprus extends 10% discount on electricity bills

Good news for consumers, the Cyprus Electricity Authority (EAC) is to continue applying a 10% reduction on its electricity bills until September.

In an announcement it issued on Wednesday, the EAC said the decision was in response to calls from the government at a time of challenges for the economy as society steps up its collective effort to deal with the impact of the coronavirus pandemic.

“Therefore, the total duration of the EAC’s contribution is six months. For monthly clients it will remain in effect until the end of August and for bimonthly clients until the end of September 2020,” said an EAC statement.

The initial 10% discount was first announced on March 19 which was then extended for a period of two months at the end of April.

The discount on electricity bills came after the government announced a series of measures to help business and workers cope with the fallout of the COVID-19 epidemic.

Any losses suffered by EAC as a result of the reduction on tariffs will be covered by its cash reserves.

The discount was approved by the Cyprus Energy Regulatory Authority after a proposal tabled by the government.

This does not include VAT and the special levies for renewable energy.