NewsLocalDiscount on electricity bills announced by state to cover July-August consumption

Discount on electricity bills announced by state to cover July-August consumption

The announced discount on electricity bills consumers in Cyprus will get in September covering consumption between the very hot months of July-August will be deducted automatically, Philenews reported on Friday.

It has been clarified that the duration of discounted bills is up until the year’s end.

The government on Thursday said the state would absorb a sizeable chunk of cost increases in energy to buffer anticipated rises of up to 25% in bills in the autumn.

The state would cover up to all additional costs to so-called vulnerable households, Finance Minister Constantinos Petrides has said.

The state will also introduce a staggered subsidy for other consumers by between 85% and 50% based on consumption, he added.

A staggered subsidy was designed to encourage users to save on energy use, Petrides also said.

The new measures would apply to almost half a million households and 111,500 businesses.

Russia’s invasion of Ukraine and the ensuing disruption of energy supplies has left European countries scrambling to find alternative sources, and calls to cut down on consumption.

Despite having an abundance of sunshine and the discovery – still untapped – of natural gas in the past decade, Cyprus generates most of its electricity from heavy fuel oil.

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