News Local Electricity consumers pay price for costlier crude oil

Electricity consumers pay price for costlier crude oil

Cyprus’ dependence on imported fossil fuels combined with an increase in the price of crude oil has led household electricity prices to spike by 9.5% since January. Electricity prices have risen from 7.712 per kWh  in January to 9.593 in June for domestic users. This follows an increase in the international price of crude. The average fuel price paid by Electricity Authority of Cyprus has risen by 17.71%. A household with a consumption of 600 kWh that paid €110.22, in January would now have to pay €120.65 0 an increase of 9,46%.

At the same time, the Republic of Cyprus is obliged to satisfy new binding targets to reduce its carbon emissions by 24% by 2030, compared to 2005. This will require significant changes to the energy sector, including increased use of renewable energy and cleaner fuel.

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