Household electricity prices in November are around 5% higher than the previous month, based on an indicative bill for a four-person household consuming 800 kilowatt-hours (kWh) over two months, Electricity Authority of Cyprus (EAC) spokesperson Christina Papadopoulou said on Thursday.
Papadopoulou explained that electricity bills are issued daily, while fuel price adjustments are made at the end of each month.
She said the latest electricity price stands at €0.33 per kWh, including 5% VAT, attributing the increase to rising liquid fuel prices amid the ongoing global energy crisis.
She added that reducing energy costs is a concern for all EU member states.
According to Papadopoulou, fluctuations in international oil prices are passed on to consumers with some delay, as the EAC is required to maintain fuel reserves sufficient for approximately two months.
"There is no possibility of a price reduction not being passed on to consumers, because the EAC is fully regulated," she said.
Papadopoulou noted that EAC electricity tariffs are regulated and approved by the Cyprus Energy Regulatory Authority (CERA), while electricity charges are subject to oversight by the relevant authorities.
