Ouch…next electricity bill to spike by 25%

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The Cyprus Consumer Association is calling on authorities to impose a freeze on hiking electricity prices, as they fear that bills covering June and July will increase by up to 25% compared to previous months.

In comments to the Financial Mirror, the head of the association, Marios Drousiotis, said that based on their calculations, the average household will be paying €60 more on their June and July bills.

“An average household, according to official data, consumes around 800 Kw, paying €300 on their last bill sent in for April and May. They will now be looking to pay €360,” said Drousiotis.

He added that bi-monthly June-July bills would be inflated by 71% compared to bills received during the same period last year.

There is more demand for electricity as most households and businesses power A/C units for longer during the peak of the summer as maximum temperatures soar.

“We are demanding that authorities impose a freeze by decree on electricity prices immediately.

“This would mean that prices will not go up a single cent from the day the decree is issued. People cannot take any more increases,” said Drousiotis.

He explained that if the decree were to be issued today, then the 25% increase would be avoided.

The consumer chief, however, was not optimistic about the government intervening in such a move.

Drousiotis argued there is a large pool of potential income for state coffers from unexpected profits made by Renewable Energy Source projects, which the government seems unwilling to touch.

“The windfall profits from large photovoltaic parks, during the first half of 2022, are estimated at €7.5 mln, which the state is reluctant to tax.

“If they tax these profits, the government could return tax revenues to consumers who are really fighting for survival.”