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EAC: Electricity Price Increase from May – Could Reach 20% in August

Published March 19, 2026, 14:12
EAC: Electricity Price Increase from May – Could Reach 20% in August

The Electricity Authority of Cyprus (EAC) is announcing an increase in electricity prices from May, due to rising oil prices. The increase is estimated at around 5-7% for May, based on a Brent price of $102 per barrel. However, if the price of oil reaches $110-115 per barrel, the increase could reach as high as 20% in August. The President of the EAC, Giorgos Petrou, stressed that the forecasts are uncertain due to fluctuations in oil prices and geopolitical developments. Despite the uncertainty, the EAC continues to import fuels to ensure adequate reserves, which are sufficient for approximately two months. Fuel imports now come mainly from European countries, such as Spain and Italy, instead of the Gulf region. The EAC hopes that market conditions will evolve smoothly, but is closely monitoring the situation.