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2% reduction in electricity prices

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2% reduction in electricity prices

The price of electricity in the EAC bills that consumers will receive in September is reduced by 2%, compared to the bills sent in July.

EAC spokeswoman Christina Papadopoulou, invited by “P” to comment on the intense debate in recent days about the increased price of electricity, noted that this is a discussion that does not give the full picture as in practice prices have returned to levels of 2018-19 after a special year, 2020, in which due to the pandemic oil prices were particularly low.

Ms. Papadopoulou stressed that it is wrong to focus on the 38% increase in August, when 2020 was an abnormal year with low prices. They do not compare similar things, he observed, citing the reduction in the price of the new September accounts.

Regarding the prospect of the EAC absorbing the cost of electricity, as was done last year (a relevant request was submitted by the Secretary General of AKEL in a letter to the President of the Republic, as a temporary but immediate measure), the EAC spokesperson ruled it out, citing the implementation of the Authority's development program. “We have to ensure an uninterrupted supply of electricity,” he said. It is recalled that the reduction in 2020 cost 33 million euros and a new reduction exceeds the limits and capabilities of the EAC.

Waiting for suggestions

The Ministry of Energy, Trade and Industry appeared yesterday in the Parliamentary Committee on Energy, where an ex-officio discussion of the issue took place, open to proposals that will lead to a reduction in the price of electricity.

“Where there is room, it is considering the possibility of implementing new measures that will create the conditions for reducing the price of electricity”, it is emphasized in a relevant announcement.

In the discussion that took place, the majority of the parties were in favor of the reduction of VAT and the use of the EAC reserve. Opposition parties have strongly criticized energy planning, especially the untimely introduction of natural gas into electricity generation, which has resulted in the EAC using expensive and polluting fuels, and delays in the introduction of RES.

The response of the President of the Republic to the letter received from the Secretary General of AKEL is expected with interest (as we mentioned, he requests the absorption of part of the costs from the increase of the price of electricity, by the EAC, a measure which was implemented during pandemic), as will the intentions of the government.

Regarding the reduction of VAT, the chairman of the committee and MP of DISY Kyriakos Hatzigiannis agreed only on the abolition of VAT on the fuel market by the EAC, provided that the price exceeds the reference point of € 300 / ton, while noted that cost relief for vulnerable groups is being studied by the state.

Source: politis.com.cy

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