Cyprus had EU’s second largest drop in electricity bills

Cyprus has recorded the second biggest decrease in annual electricity prices in the EU during the first half of the year, according to Eurostat.

It said electricity prices in Cyprus dropped by 7.4% in the first six months, compared to the same period in 2020.

The largest drop was recorded in the Netherlands, where prices fell by 10%, Lithuania was third with a 6% decline.

Average electricity prices in Cyprus for H1 2021 were €19.76 per 100 kWh, dropping from €21.33 in H1 2020.

According to Eurostat, in the first half of 2021, the average electricity prices of households in the EU increased slightly compared to 2020 (€21.3 per 100 kWh), amounting to €21.9 per 100 kWh.

The largest increase in electricity prices was recorded in Slovenia (+15%), Poland (+8%)) and Romania (+7%).

And average household electricity prices were lowest in Hungary (€10 per 100 kWh), Bulgaria (€10.2) and Malta (€12.8) and highest in Germany (€31.9), Denmark (€29.0), Belgium (€27.0) and Ireland (€25.6).

Eurostat’s survey comes as Cyprus authorities announced a 10% discount on electricity bills, in a bid to stem the rising cost of living, as a sharp price increase in fuel in the summer and essential goods takes grip.

Authorities recently announced a 10% discount for households and businesses over the next four months, pledging to further introduce savings from renewable energy schemes.

The discount will be applicable for bills covering the months of November to February.