NewsLocalNew hike in electricity bills on the way after EU carbon price's...

New hike in electricity bills on the way after EU carbon price’s record high

Surging energy prices are weighing on wallets all across the EU especially after the European benchmark price for carbon allowances on Monday hit a record of above 71 euros per tonne. And Cyprus won’t be an exception, Philenews reports.

In 2020, the corresponding price ranged between 15 and 20 euros per tonne and economists are predicting a new exacerbated energy crisis and a further hike in electricity sale prices.

On Tuesday, the wholesale prices soared with those in Greece, Italy, Serbia and France exceeding 270 euros per megawatt hour (MWh).

In Cyprus, the corresponding price is estimated at around €170 per megawatt hour and the cost is lower simply because gas is not used.

However, the cost of electricity in Cyprus – about 25 cents per kilowatt hour – is the highest in the EU in many past years.

The new increase in the cost of purchasing pollutants will lead to fresh price rises in Cyprus as well, unless there is a substantial reduction in the price of Brent internationally.

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