Electricity Authority of Cyprus bills in July were 22.5% higher than previous ones this year and increased by 68% compared to those 12 months ago, Philenews reported on Thursday.
The Authority has expressed hope that falling oil prices recorded in international markets over the past couple of days will gradually lead to lower electricity production costs. Provided the downward trend continues.
The price of electricity has sky-rocketed this year and, given global developments in the oil sector, it is expected to increase further by the end of this year and likely in 2023.
Analysts say global diesel and mazut shortages have been exacerbated by the war in Ukraine and sanctions on Russian oil and oil product exports at a time of rising demand.
And this development led to a push of prices further up relative to the inexorable increase in the price of Brent crude, that reached $118/barrel by end of June.
The inevitable result is that electricity prices have much further to go.
Cyprus has lagged behind the drive toward renewables and now it has to play catch-up.
