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Electricity Price Increase Expected in May

Published March 19, 2026, 14:19
Electricity Price Increase Expected in May

The President of the Electricity Authority of Cyprus (EAC), Giorgos Petrou, warned of potential electricity price increases from May due to fluctuations in oil prices. If the price of Brent crude oil remains around $102 a barrel, the increase is estimated at 5%, but could reach 7% due to recent increases and an upcoming cargo delivery. For August, if the price of oil rises to $110-115 a barrel, the increase could reach 20%. Mr. Petrou stressed that forecasts are uncertain due to continuous fluctuations and geopolitical conditions, including the war in Ukraine and potential supply shortages. Despite the uncertainty, the EAC continues to import fuels to ensure adequate reserves, which are sufficient for about two months. The EAC's policy is not to suspend imports even during periods of high prices. The EAC received a cargo last week and another delivery is expected in early April. Imports now come from European countries, such as Spain and Italy, instead of the Gulf region, while he expressed the hope that market conditions will evolve smoothly.