The semi-state power company’s director Stelios Stylianou said he expects the price of electricity to fall soon, the Cyprus News Agency reported on Monday.
The cost of electricity in Cyprus, long considered the highest in Europe and among the highest globally, is heavily fuel-dependent, meaning fluctuations in oil prices internationally impact it directly, and the recent tumbling in the price of oil has already precipitated cheaper electricity relative to previous months.
“The cost of the latest shipments the EAC has received is lower than previous shipments, thus the cost will be recalculated,” Stylianou said.
“Any reduction in the cost of fuel will be passed on to consumers,” he added.
Stylianou explained that protocol dictates falling import costs to be passed on to consumers automatically.
“Therefore, I expect there will be a reduction in the price of electricity for the bills covering December and January,” Stylianou explained.
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