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Consumers in Cyprus may soon see a 3% rise in their electricity bills, after the Electricity Authority of Cyprus (EAC) announced Tuesday it will request a modest rate increase from the Cyprus Energy Regulatory Authority (CERA).
The proposed hike, significantly lower than the 7.5% increase permitted under CERA’s approved pricing formula, was framed by EAC as a move to balance financial necessity with consumer protection.
In a statement, the EAC said it opted for a smaller increase, “...in full understanding of the financial pressures facing households and businesses,” adding that it aims to keep electricity affordable while ensuring long-term system reliability.
If approved, the new rates will help fund ongoing infrastructure upgrades, including the modernization of facilities, development of new generation units, and installation of energy storage systems, investments the EAC says are essential for maintaining uninterrupted electricity supply and supporting the transition to a more competitive energy market.
The organization emphasized that its revenues are tightly regulated, with annual audited accounts submitted to CERA to justify any pricing adjustments. “CERA allows EAC to recover only the minimum costs necessary for sustainable operation,” the statement read.
EAC stressed it is working with regulators and independent energy operators to promote a level playing field in the emerging competitive electricity market. The company said it treats independent suppliers and producers equally and is fully committed to fostering market openness.
“As a vital pillar of Cyprus’ energy system, EAC must adapt to evolving demands,” the authority said, pledging to continue its mission with “responsibility and social awareness.”
