The Cyprus Electricity Authority’s pricing plans are ready to be approved by the Energy Regulator, with households expected to pay 25% more on their bills.
EAC spokesperson Christina Papadopoulou told CNA on Tuesday the authority does not have the exact percentage increase; however, she estimated the hike “will be around 24%”.
This is cold comfort for those families struggling to make ends meet as inflation soars and energy costs crunch.
“There was a big increase in the fuel price adjustment last month.
“There has been a huge increase in oil prices, and at the same time, there is an increase in EAC’s base rates.”
Asked if payment plans will be offered for people who cannot afford to pay, Papadopoulou said the EAC always makes provisions for people who are struggling.
She explained that front-line customer service officers prepare payment plans to facilitate struggling customers and reduce their debit balances.
The tariffs charged for low-income households is about 20% lower than other customers.
She said the lower VAT rate on all residential customers is in effect, with the VAT rate for homes reduced to 9% from 19% and will remain until the end of August.
The VAT rate for vulnerable groups is reduced to 5%.
Papadopoulou said the EAC offered a 10% reduction for 10 months on all its customer tariffs during the pandemic costing €53 mln – with nothing left to soften the cost of living crisis.
“This is EAC money, which was given back to the state and the economy.
“The authority has exceeded all its financial capabilities.
“EAC has a development programme, which must be implemented; we must ensure the reliability of our system.
“We must definitely continue to strengthen the system and modernise our network so that we can ensure uninterrupted, reliable electricity supply.”