Paphos People

Electricity bills at the end of this month will be 27% higher than at the same period last year.

Electricity Authority spokesman Costas Gavrilidies said that in the past 12 months the cost of crude oil had gone up by 56% -- as a result taking up the price of electricity.

The spokesman said no predictions could be made on any further rises during the summer months.

This morning the price of crude oil has hit a new record of above $129 per barrel due to concerns over tight global supplies, traders have said.

US light crude for June delivery climbed more than $2 to hit an all-time high of $129.58 per barrel on Tuesday. London Brent crude surged $2.15 to reach $127.21.

- Copyright © Famagusta Gazette 2008

Hot summer for electricity bills

THERE will be a 27 per cent increase in electricity bills over the summer, the Electricity Authority of Cyprus (EAC) announced yesterday.

The new rises have again been blamed on increases in the international price of mazut, which according to EAC spokesman Costas Gavrielides has risen by 56 per cent.

As Gavrielides pointed out, a household that last year had to pay €100 for their electricity will this year have to cough up €125 to €127.

He also warned there could be further increases if problems arise at any of the EAC’s power stations – an issue faced last summer, which resulted in power cuts across the island.

“In the event of any faults, the extra stations will have to be used, which consume diesel at a much higher price,” Gavrielides explained, adding, however, that they would only be used for short amounts of time until the faults are fixed.

The Chairman of the House Commerce Committee, Lefteris Christoforou of DISY, yesterday expressed his acute concern at the steep increases in electricity prices.

“Unfortunately, the Cypriot public is paying the price of state negligence and indifference, which have left the EAC dependent solely on oil,” said Christoforou, describing this as a “unique phenomenon in the EU”.

He also pointed out that the EAC was not within its legal rights to make any further increases except those that were oil-related.

Furthermore, Christoforou insisted the state no longer had any legal right to receive dividends from the Authority’s reserves. “All this money should instead by used by the EAC to produce electricity at lower prices,” he said.

The DISY deputy announced that his committee had called for a new meeting with the EAC in order to discuss the issue and examine how the increase in oil prices is expected to impact on electricity.

Copyright © Cyprus Mail 2008