In the midst of a surge in fuel prices impacting consumer wallets, there's a silver lining: not only have new electricity rate increases been averted, but there's also been a reduction in electricity bills.

Specifically, the Cyprus Energy Regulatory Authority (CERA) decided not to impose the planned 6% increase in electricity bills. Concurrently, a decrease in pollution prices resulted in a reduction in electricity bills.

According to data compiled by Brief, the electricity bill for March will be reduced by 3.3% compared to February's bill, and by 5% compared to the last two months.

The reduction is attributed to the declining prices of liquid fuels observed in recent months, as well as a decrease in the prices of greenhouse gas emissions rights. The average price for purchases of greenhouse gas rights in January 2024 was €68.28, while the purchases made in February 2024 dropped even further, to €56.51. It is worth reminding that last year, these rights had reached €96.