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Electricity Authority of Cyprus President: Electricity Price Increase from May

Published March 19, 2026, 14:09
Electricity Authority of Cyprus President: Electricity Price Increase from May

The President of the Electricity Authority of Cyprus (EAC), Giorgos Petrou, expressed uncertainty about the evolution of electricity costs in the near future. Based on the current price of Brent oil (around $102 per barrel), an increase in electricity prices of 5% is estimated for May, which could reach 7% due to recent price increases. If the price of oil rises to $110-115 per barrel, the increase could reach up to 20% in August. However, forecasts remain uncertain due to continuous price fluctuations and geopolitical conditions. The EAC continues to import fuels as normal, ensuring sufficient reserves for approximately two months. The EAC's policy is not to suspend imports even during periods of high prices. Recent imports come from European countries, such as Spain and Italy.