How government's new measures will cut power bills

The President of the Republic, Nicos Christodoulides, announced a total of 11 measures with a direct impact, totaling €141 million, along with six Housing Policy measures amounting to €55 million on Thursday (19/10).

One of the immediate measures involves a staggered electricity subsidy, effective from November 1, 2023, until February 29, 2024, covering residential, commercial, and industrial consumers. Vulnerable consumers will benefit from a 100% subsidy that covers the entire electricity price increase.

The Bimonthly Tariff 46 "Water Pumping" is an exception to the reintroduction of subsidies due to corresponding measures taken by the Ministry of Agriculture AAP.

Additionally, similar reliefs will be reinstated for customers of suppliers other than AEC, provided that the substations' approved capacity does not exceed 70kVA (100A 3-F). This relief applies to cases where increased tariffs result from rising fuel costs for power generation and contract provisions for passing on additional costs.

The estimated cost of reintroducing these measures is approximately €45 million, benefiting 429,000 homes and 106,000 businesses. A public table is available for calculating the benefits of the measure, with the premium for the vulnerable (08) remaining at 100%, as it was previously.

For domestic electricity use, the subsidy is as follows:
- 85% for consumption of 1-400 kilowatt hours per fortnight
- 75% for consumption of 401-600 kWh per two months
- 50% for consumption from 601-800 kWh
- No subsidy for consumption above 800 kWh

For commercial use, the subsidy is as follows:
- 85% for consumption from 1-500 kWh
- 75% for consumption from 501-750 kWh
- 50% for consumption from 751-1500 kWh
- No subsidy for consumption above 1500 kilowatt-hours per fortnight

Regarding industrial use, the subsidy is as follows:
- 85% for consumption from 1-750 kWh
- 75% for consumption from 751-1000 kWh
- 50% for consumption from 1001-1500 kWh
- No subsidy for consumption above 1500 kWh.