Respite for consumers on next electricity bills

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Consumers will get a respite from bloated electricity bills, as the government on Friday announced that a 10% discount will be applied on the next two bills, pledging to push forward further savings from renewable energy schemes.

Announcing the discount, Energy Minister Natasa Pilides said the Electricity Authority of Cyprus (EAC) will be absorbing part of the cost of the increase in electricity caused by rising fuel prices and the cost of emissions.

The discount will be applied for the next four months, on the November-December and the January-February bills, and will be covered from EAC’s reserves.

“The government understands the pressure on businesses and households caused by the pandemic and has prepared proposals to mitigate the effects,” said Pilides.

Talking to reporters, the minister said that the government will also be rolling out a series of measures to provide consumers with the means of permanently reducing the cost of power.

The measures including encouraging people to install photovoltaic systems on rooftops, by introducing a virtual net metering system, while subsidies will also be given to vulnerable groups to replace their home appliances with more energy efficient ones.


LED bulbs for homes

Assistance will also be given to people in these groups to replace their lights at home with energy-efficient LED bulbs.

A scheme ending on December 31 subsidising the cost to upgrade homes with more energy efficiency, is to be extended into the next year.

The Energy Ministry will also be introducing schemes for farmers to encourage them to install equipment to produce power needed for their farms with renewable energy sources (RES).

The ministry will also be announcing subsidies for large commercial projects that will include power production and storage.

Pilides said that the EAC will be addressing the way the authority is buying emission rights, essentially paying for its dependency on petrol and other fossil fuels.

She added that the EAC will be changing its strategy of buying emission credits early in the year, when prices are lower, and selling any surplus later on.

The ministry will also be launching an awareness campaign on energy saving.