The Electricity Authority of Cyprus (EAC) has announced that from the 1st of December 2024, two new categories of beneficiaries will be added to the vulnerable people who will be served under the favourable 'Tariff 8': elderly people with small pensions and single parent families.
These residents of the island nation can expect to receive preferential treatment on their electricity bills, unlike other citizens who will be billed at regular rates. The ministry noted that in order to receive the discount, an application must be submitted. This can be done online by sending an email to eac@eac.com.cy or a fax to +357-22 20 10 20. Or in person at any EAC Customer Service Centre.
It should be recalled that the period of state subsidies in Cyprus expired at the beginning of autumn. The MPs decided not to extend this initiative to all citizens. Instead, they decided to include new categories of beneficiaries and to support only the most vulnerable sections of the population covered by the preferential "tariff 8".
It is expected that the preferential tariff will enable a total of 33.5 thousand households to pay for light at a favourable price, of which 10.7 thousand will be single-parent families. The subsidy will apply until December 2025. This measure will ease the burden of high electricity prices for many Cypriots. The initiative is of a medium-term nature and is primarily targeted at vulnerable groups. It may be extended if necessary. The scheme will cost the Cypriot budget €25 million. In return, the bills of Cypriot residents who are not included in 'tariff 8' will increase by at least 20% in the near future.
It should be noted that the electricity bill is the most expensive item of expenditure in Cyprus.
This is especially true in winter, when hot water and radiators need to be on all the time. The average bill for a one-bedroom apartment at this time of year is around 100-150 euros per month. It is slightly cheaper in the summer. The monthly price can vary slightly in either direction. As power stations in Cyprus use purchased fuel oil, prices are directly linked to the cost of oil on the world market. Therefore, when oil becomes more expensive, the price of electricity on the island increases and vice versa.