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Electricity tariffs in Cyprus are expected to rise in the coming months, with initial increases likely in May and the potential for significantly higher costs by late summer. The changes are closely tied to ongoing volatility in global oil prices.
George Petrou, President of the Electricity Authority of Cyprus (EAC), indicated that electricity prices could go up by about 5% in May, based on Brent crude trading at roughly $102 per barrel. However, he noted that recent price movements and a scheduled fuel delivery in early April could push the increase slightly higher, to between 5% and 7%.
Projections for August suggest a more substantial impact if oil prices continue climbing. Should Brent crude reach between $110 and $115 per barrel, electricity prices could rise by as much as 20%. Petrou said that price shifts in energy markets have become increasingly frequent and unpredictable.
He also underlined the difficulty of making firm forecasts, explaining that oil prices can change rapidly due to international market dynamics, geopolitical tensions, and concerns over possible supply shortages.
Despite these challenges, the EAC is maintaining its approach to fuel procurement. Imports are continuing without interruption to ensure sufficient reserves, even during periods of elevated prices. A recent shipment has already been received, with another expected in early April, keeping запас levels at about two months’ supply.
Additionally, fuel imports are now coming mainly from European countries such as Spain and Italy, rather than from Gulf suppliers as was more common in the past. Authorities expressed cautious optimism that market conditions will remain stable going forward.
