Philenews

Parliament Decides to Bankrupt EAC and its Customers

Published March 28, 2026, 07:13
Parliament Decides to Bankrupt EAC and its Customers

Parliament passed a bill that, according to critics, will lead to the bankruptcy of the Electricity Authority of Cyprus (EAC) and burden its customers. The legislation concerns the compensation of surplus electricity from residential photovoltaic systems, which is currently zeroed out. The decision is considered unconstitutional and was taken hastily, without consultation or cost assessment. The legislation “unravels” contracts and harms the interests of the state, households without photovoltaics, and the EAC itself. Criticism focuses on the fact that this legislation comes shortly before the elections and does not take into account the abolition of net metering from 2026, with the transition to net billing.