Economy category powered by

EAC takes energy regulator to court for blocking price hikes

The Electricity Authority of Cyprus (EAC) has decided to take energy regulator CERA to the Administrative Court for blocking its effort to increase electricity prices

The Cyprus Energy Regulatory Authority had refused a demand by the EAC back in September to increase basic electricity tariffs; it initially requested 25% but brought it down to 13%.

So the EAC’s Board of Directors said that it has decided to appeal CERA’s decision in court, as it considers the hikes a must in order for the semi-government organisation to sustain its viability.

“We have a duty to ensure the stability and reliability of the Network and to proceed with implementing projects and updating the infrastructure that will contribute substantively to the major target that has been set by the state for the country’s Green Transition,” the EAC said in an announcement.

It added that CERA’s decision means that it will have to revise all the targets that it has set.

Whatever the outcome, the price hikes will be going ahead; it’s just a matter of when. CERA said in its decision that even though EAC’s request to increase the prices was justified, it was being rejected in the name of public interest because of the effect the already inflated electricity bills brought on by steep energy prices was having on people and businesses.

Read More

Cyprus economic growth for 2023 estimated at 2.5%
CBC projects GDP growth at 2.6%, 3.1%, 3.2% in years 2024-2026
Tourism revenue up 29% in December y-o-y
EIB's Kakouris: No new financing request for Great Sea Interconnector
Central Banks of Cyprus and Greece to sign Memorandum of Cooperation
Cyprus receives greater EIB support in 2023, with heavy focus on green investments
Industrial production in Cyprus up 2.4% in 2023
FinMin and Research Dep. Minister agree to cooperate to promote digital transition
Yoshio Yamawaki: It is important to make Japanese companies aware of Cyprus’ advantageous FDI environment
Keravnos’ message to lawyers and accountants: “We should all be pushing to establish the supervisory authority”