FAMAGUSTA GAZETTE – The Electricity Authority of Cyprus (EAC) will request a 3% rate adjustment instead of the 7.5% increase approved by the Cyprus Energy Regulatory Authority (CERA), citing economic concerns.
In a statement, the EAC said its board is handling the matter responsibly to balance financial sustainability with consumer impact.
The rate proposal has sparked controversy. Amid turbulence in the Energy Committee, EAC is pushing for the full 7.5% increase, while lawmaker Kyriakos Hadjiyiannis has accused CERA of regulatory interference.
EAC’s revenues are fully regulated, the statement noted. Each year, the authority submits its final audited accounts to CERA, detailing costs associated with regulated activities.
The approved methodology allows EAC to recover minimum necessary expenses to maintain operations and carry out development plans.
The statement also emphasized the need for a continuous development strategy in Cyprus’ evolving energy sector.