Cyprus Times

Electricity Price Increase Expected from May. "Uncertainty for Fluctuations"

Published March 19, 2026, 14:07
Electricity Price Increase Expected from May. "Uncertainty for Fluctuations"

The President of the EAC, Giorgos Petrou, predicted an increase in electricity prices from May, due to the increase in oil prices. The increase is estimated at around 5%, but could reach 7% depending on market developments. For August, if the price of oil reaches $110-115 per barrel, the increase could reach 20%. Mr. Petrou emphasized the uncertainty prevailing in the forecasts, as oil prices are constantly changing due to international geopolitical conditions and the war. The EAC continues to import fuels normally, ensuring adequate reserves for about two months. Recent imports come from European countries, such as Spain and Italy, instead of Gulf countries. The EAC hopes for a smooth development of conditions in the market, in order to maintain stable electricity prices.