Cheaper but still eye-watering electricity bills

Despite a 15% drop in electricity prices since last year, power bills are twice as big as in the summer of 2020, a few months before Russia’s invasion of Ukraine.

For July 2023, the average price for residential use, according to a report published by the Cyprus Energy Regulatory Authority (CERA), is 34.32 cents for every kilowatt per hour.

Two years earlier, in July 2020, the average price for residential use stood at 16.15 cents per kilowatt hour, which is less than half of what it is today.

According to data provided by CERA, shortly before the coronavirus outbreak in Cyprus (March 2020), a small decrease in household prices began to be recorded.

Prices continued to drop until September 2020, when a gradual increase began, which picked up pace following the war in Ukraine, to peak in September 2022, when prices shot up to 40.31 cents a kilowatt per hour.

In February 2022, when the war broke out, the price for household electricity stood at 23.19 cents per KW/h, shooting up to 40.31 cents by September.

From September 2022, a slow but continuous drop in prices began, except for March and May, continuing until July this year.

However, today’s home user prices are the highest for July since 2012.

The prices given above are the price per KW per hour without working in the state subsidy in force from March 2022 until last June.

Decreases in household electricity prices are due to reductions in the prices of oil purchased by the EAC.

In January-February 2023, the fuel cost was €910.36 per metric tonne; for June-July 2023, it fell to €837.94.