Electricity prices in Cyprus are expected to climb steadily in the coming months as fuel costs surge following the outbreak of war in Iran, the head of the Electricity Authority of Cyprus (EAC) has said.
EAC board chairman Giorgos Petrou said the fuel purchased by the authority is now 50% more expensive than before the conflict, a jump that will be reflected in consumer bills.
As a result, he said, electricity tariffs issued in May are expected to rise by about 5%.
Based on current market conditions, a further increase is anticipated in August, estimated at around 15%, though Petrou did not rule out the possibility that the hike could reach 20%.
Petrou noted that EAC currently holds a two‑month fuel reserve thanks to earlier pre‑purchases, but added that with prices so volatile, “no one dares” to secure additional quantities in advance.
Addressing household solar systems, he said consumer contracts stipulate that all stored kilowatt‑hours fed into the grid are reset every three years.
The next reset, he added, will take place by the end of March.
