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Cyprus energy regulator halts 2024 electricity price hikes

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Cyprus energy regulator halts 2024 electricity price hikes

File Photo: Electricity Pylons In Brussels

    The Cyprus Energy Regulatory Authority (CERA) has announced that there will be no increase in the electricity tariffs set by the Electricity Authority of Cyprus ( EAC) in 2024.

    This decision came after consideration of a classified document submitted by the EAC to CERA, which was reviewed by CERA’s Senior Management, filenews reported.

    The authority clarified through its official website that the proposed tariff adjustments initially suggested by the EAC for 2024 would have led to an approximate 5.11% increase in the final consumer billing rate compared to 2023.

    However, the review of the new data presented in the classified correspondence from the EAC’s Board of Directors, dated 4 March 2024, underlined the need to prioritize public interest and consumer protection over price increases.

    CERA’s statement noted the detrimental impact of high energy costs on consumers and reiterated the organization's commitment to safeguarding against monopolistic pricing in the energy sector.

    As part of their resolution, CERA’s Senior Management has decided to maintain the regulated tariffs from 2023 into 2024, thereby ensuring price stability.

    Additionally, previous decisions related to tariff adjustments (Nos. 409/2023, 410/2023, 411/2023, and 412/2023) have been revoked.

    CERA has also called upon the President and Vice President of the EAC’s Board of Directors to explore the possibility of declassifying and making the pivotal classified document public.

    This document, which played a crucial role in the decision-making process, pertains to the tariff structures proposed for 2024.

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