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Electricity bills in Cyprus will increase by 3% beginning with the next billing cycle, Energy Minister Giorgos Papanastasiou confirmed Friday.
The hike follows a decision by the Cyprus Energy Regulatory Authority (CERA) approving new pricing for the Cyprus Electricity Authority’s (EAC) regulated services.
Speaking ahead of the 66th Annual General Assembly of Union of Scientific Personnel of the Electricity Authority of Cyprus (SEPAIK), Papanastasiou said the increase stems from expenses deemed reasonable by CERA after a request from the EAC.
“As part of these reasonable expenses, a price increase of approximately 3% has been approved and will be reflected in the upcoming two-month billing period,” he said.
The minister added that the pricing adjustment is part of the normal process between the regulator and the regulated utility. He also noted that the delay in implementing the increase has resulted in lost revenue for the EAC.
