Despite Government Assurances, EAC Moves Ahead with 3% Electricity Hike
The government claimed victory in halting electricity hikes—now the EAC is back with a revised request.
The Electricity Authority of Cyprus (EAC) is expected to submit a formal request to the Cyprus Energy Regulatory Authority (CERA) this week, seeking an increase in electricity tariffs by approximately 3%.
Speaking on public radio (Proino Dromologio), EAC Board Chairman Giorgos Petrou stated that the request has been revised down from a previously discussed 7.5%, in an attempt to minimize the burden on households. If approved, a household consuming 700 kilowatt-hours over a two-month billing cycle would see a €5 increase on their electricity bill.
The development comes in stark contrast to recent government assurances that there would be no increases in electricity prices. On May 11, President Nikos Christodoulides publicly stated that he had personally intervened in a closed-door meeting with the EAC and RAEK, urging them to suspend any potential increases, especially in light of current economic pressures on households.
“These are actions we often take away from the spotlight,” the President had said, adding, “What matters is not publicity, but results. I believe that in this situation, the EAC should not move forward with such an increase.”
Indeed, five days later—on May 16—the EAC president appeared to confirm that the authority would not proceed with its request. At the time, government sources spun it as a success attributed to Christodoulides’ pressure on the utility.
However, the latest announcement by Petrou suggests a reversal of that commitment. Not only is the EAC now preparing to re-submit the request, but the 3% increase is already being framed as a compromise—down from the earlier 7.5% proposal, but still in direct conflict with the government’s declared position just weeks ago.
Commenting further on the energy sector’s outlook, Petrou said that the EAC is preparing for the launch of Cyprus’s competitive electricity market, which is expected to begin in October 2025. According to him, the utility is working under a strategic plan to face the upcoming shift.
He also confirmed that a private competitor is currently preparing to enter the market, but added that its operations will only begin once natural gas is introduced into the island’s energy mix.
