Cyprus electricity is seventh most expensive in EU

Cypriots are paying among the highest electricity bills as Cyprus ranks seventh for energy costs in the European Union.

According to Euronews, Cyprus is among the ten most expensive countries for electricity in terms of electricity prices for July.

Last month’s electricity price in Cyprus was €0.3833 per kilowatt per hour, including VAT.

This puts Cyprus behind the Czech Republic (€0.5215 per kWh), the UK (€0.5185 per kWh), Italy (€0.4685 per kWh), Estonia (€0.4082 per kWh), Denmark (€0.3995 per kWh), and Latvia (€0.3946 per kWh).

But the Netherlands (€0.3632 per kWh), Belgium (€0.3613 per kWh) and Germany (€0.3593 per kWh) had cheaper electricity than Cyprus.

Norway had the cheapest electricity with €0.1283 per kWh.

Euronews reported that the UK is set to see a sharp 80% increase in the average energy price, with Britons expecting to pay around €4,182 a year for heating and electricity.

Meanwhile, the EU is mulling over introducing a price cap on electricity.

The Czech presidency called for an emergency meeting of the bloc’s energy ministers to consider measures for dealing with the energy crisis.

The move comes as soaring energy prices across the union threaten to push the bloc into a recession with unforeseeable consequences.

An increasing number of European governments have realised that subsidies and electricity conservation schemes are not enough to put out the fire of galloping prices.

In Cyprus, VAT on electricity is being brought back to 19% at the end of August, after being reduced to 9% ten months ago for all consumers and 5% for low-income households.

Bills sent out in September are expected to see a 20% to 30% hike, depending on the tariff.