Electricity bills to be 14% cheaper

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Consumers are to be given a breather from high energy costs, as after a drop in the cost of fuel, electricity bills in September fall by an average of 14% when a government subsidy scheme kicks in.

In comments to local media, the electricity authority’s press officer Christina Papadopoulou said that consumer bills would be brought down by a subsidy of up to €68.72.

“The reduction in the September bills is generated by the government’s measure to subsidise the increase in energy costs.

This subsidy will cover the increase resulting from the government’s decision to reinstate VAT to 19% after lowering it to 9% for a ten-month grace period,” said Papadopoulou.

The measure will last until December and benefit 449,000 households and 111,500 businesses.

Papadopoulou explained that the discount on EAC bills that consumers receive in September would be for electricity consumption for July-August.

She emphasised that the subsidy will be tiered, depending on the level of consumption and range from 50% – 85% for households, commercial and industrial charges. In contrast, for vulnerable households, it is 100% of price increases.

Explaining the complex formula behind the discount, Papadopoulou said that average households with a consumption of up to 800 kWh monthly would be entitled to an average €65 discount.

Households with a consumption of up to 400 kWh will be entitled to 85% of the subsidy, while those with a consumption of 401 to 600, 75%, and households consuming 601 to 800 kWh will be entitled to 50%.

For example, a household with up to 400 kWh will benefit by €65.72 if their bill amounts to €322; with the subsidy, they will pay €256.

Low-income consumers will receive €68.72, as they are entitled to the full subsidy.

If their bill were €289, with the subsidy, they would be asked to pay €220.

Industrial customers with a bimonthly consumption of up to 750 kWh will be entitled to 85% of the subsidy; for consumption over 751-1000 kWh, the subsidy is up to 75%, and for bimonthly consumption of 1001-1500 kWh, it is up to 50%.

Industrial clients who consume 1500 kWh are not entitled to a subsidy.