Newsroom
Despite the president’s intervention, the Cyprus Electricity Authority (ΑΗΚ) has gotten its way once again, and consumers are set to face higher electricity bills.
President Nikos Christodoulides urged both ΑΗΚ and the Energy Regulatory Authority (ΡΑΕΚ) to hold off on any price hikes. But according to Energy Minister Giorgos Papanastasiou’s remarks today on RIK, an increase will still happen, though it won’t reach the initially requested 9%. How much lower it will be remains unclear.
ΑΗΚ’s chairman, Giorgos Petrou, recently admitted the 2025 costs ΑΗΚ needs to recover are realistically lower than what they asked for. Yet, this didn’t sit well with some officials and angered union members, who warned that without these increases, the utility’s smooth operation could be at risk.
The regulatory authority has reportedly lowered the expected consumer increase to 7.5% after intense talks and a meeting at the Presidential Palace last Thursday. Papanastasiou said ΑΗΚ is expected to submit revised cost requests, and ΡΑΕΚ will decide which expenses are reasonable. The minister suggested the final increase might end up below 7%.
When pressed on whether the approved 7.5% increase means the regulator already considers those expenses justified, Papanastasiou said ΑΗΚ would likely submit a reduced claim for ΡΑΕΚ’s reassessment, possibly leading to an adjustment below 7%.
Papanastasiou also clarified that the president’s role was an advisory suggestion, not a direct order to prevent any hikes. Christodoulides had emphasized the importance of avoiding increases, especially in today’s climate, saying, “I hope they respond accordingly.”
But for now, it looks like the bill increases are inevitable, and Cypriot consumers will be feeling the impact once again.
