Consumers can expect to pay some 6% less for electricity from September 1, the date the Electricity Authority of Cyprus (EAC) plans to begin applying a new pricing method.
Speaking to ACTIVE radio on Monday, EAC spokesperson Christina Papadopoulou said the Cyprus Energy Regulatory Authority (CERA) had in a recent ruling set out different methodology to be followed for calculating prices.
This new method, Papadopoulou said, would see consumers charged the actual price of electricity at the time they were consuming it.
She said the new system would apply to households as well as commercial and industrial properties and would see an overall price reduction of 6%.
Papadopoulou noted that customers who paid their bills on a monthly basis should notice the difference on the bill they received at the end of September while those who choose to pay every two months will determine it on their bill at the end of October.
Most categories of consumers would benefit, Papadopoulou said, noting, the EAC had decided to cover the difference for those who would otherwise be paying more.
Those facing a larger bill without the EAC’s intervention include consumers using storage heaters or pumping water.
Street lighting is also likely to become more expensive, she said, adding consumers operating large industrial properties would also have been expected to pay more if the EAC had not decided to step in to cover the difference.
Papadopoulou said the EAC would not pass on the expense to other customers but also noted this additional coverage would continue only until Cyprus’ electricity supply market opened up or until four years had passed, whichever came sooner.