Omega Live

Electricity Price Increase Expected in May, Says EAC President

Published March 19, 2026, 15:18
Electricity Price Increase Expected in May, Says EAC President

The President of the Electricity Authority of Cyprus (EAC), George Petrou, expressed uncertainty regarding fluctuations in the cost of electricity in the future. He estimated that the price of electricity will increase by approximately 5% in May, based on an oil price of $102 per barrel, but the increase could reach 7% due to recent price increases. For August, if the price of oil reaches $110-115 per barrel, the increase could reach 20%. EAC continues to import fuels to ensure adequate reserves, even during periods of high prices. A shipment was recently delivered and another is expected in early April, with reserves sufficient for approximately two months. Imports come primarily from European countries, such as Spain and Italy.