Title: EAC Board to Decide on Potential 6% Electricity Bill Hike Amid Modernization Efforts
In the coming days, the Electricity Authority of Cyprus (EAC) is poised to make a pivotal decision that could see a 6% increase in electricity bills for consumers. The Board of Directors (BoD) of EAC is deliberating the move as part of its broader strategy to tackle the challenges of the green and energy transition.
During a recent session with the Parliamentary Committee on Economics, George Petrou, Chairman of the EAC Board, urged patience as the board nears its decision. “We are very close, and a decision will be made within days,” Petrou assured. This announcement comes as EAC outlines significant investments in modernizing the electricity system in Larnaca and beyond.
EAC has announced plans to install two new machines at the Dekelia electricity generating station, with an initial purchase cost estimated at €80 million. Including the operation of additional storage space, the total investment could reach between €110 million and €120 million. These enhancements are part of EAC’s commitment to upgrading infrastructure and ensuring a reliable supply of electricity to its customers.
Petrou highlighted the transformative period for the electricity sector, referring to it as “the electric decade.” He emphasized that EAC has undergone operational and financial restructuring to better serve the needs of Cyprus’s electricity system users.
The Authority’s objectives include not only improving regulated activities such as production, transmission, distribution, and supply but also advancing non-regulated activities and maintenance programs for equipment and facilities. These initiatives aim to bolster the efficiency and reliability of electricity services provided by EAC and other electricity companies across Cyprus.
As Larnaca electricity consumers and stakeholders across Cyprus await the BoD’s decision, the potential rate increase underscores the balance between necessary infrastructure investments and the financial implications for end-users. The EAC’s efforts reflect a broader commitment to ensuring a sustainable and modern electricity board that can meet future demands in an increasingly electrified era.
