People in Cyprus pay some of the highest prices for electricity in Europe, when you consider how much money the population has.
This was announced on Tuesday, 5 May, by Eurostat, the EU statistics office.
According to the agency's new study, the island nation is second only to the Czech Republic in this ranking. In 2024, the cost of 100 kilowatt-hours of electricity for households in Cyprus was 35.7 PPS units. For comparison, the figure is 41 in the Czech Republic, 35.23 in Germany, 34.67 in Poland and 32.69 in Romania.
PPS (purchasing power parity) is a way to compare the cost of goods and services in different countries. It shows what you can buy with one unit of currency in each country, so you can compare prices and incomes fairly.
In Cyprus, electricity prices are high. But in other countries, they are much lower. This list includes Malta (14.33 PPS), Luxembourg (15.4 PPS), Hungary (15.45 PPS) and Turkey (20.18 PPS).
It is worth noting that if we consider the real price per kWh, including taxes and fees, Cyprus ranks sixth in terms of the cost of electricity for people at home, at 32.51 euro cents. This is less than the prices paid by consumers in Germany, Denmark, Ireland, Belgium and the Czech Republic. For example, consumers in Germany pay 39.43 cents per kWh.
On the other hand, people in Bulgaria pay the least for electricity in the EU, at only 12.17 cents per kWh. Next is Greece with 23.11 cents per kWh, followed by Denmark, Ireland, Belgium and the Czech Republic with 39.43 cents per kWh, and Germany with the same price.
It is interesting to note that companies and businesses in Cyprus pay the highest price for electricity in Europe. They pay 30.41 euro cents for each kilowatt hour of electricity. For comparison, in Denmark this figure is 28.67 cents, in Hungary — 28.61 cents, and in Greece — 21.24 cents.
Eurostat said that the high cost of electricity is about more than just the number on a bill. This means that the cost of living will go up for citizens, goods and services will become more expensive, small and medium-sized businesses will find it harder to compete, and investment and production will slow down.
These facts make us wonder whether Cyprus should take another look at its energy plan, find more than one type of energy and start using more renewable energy, like solar and wind power.
The most expensive thing to pay for in Cyprus is electricity. This is especially true in winter, when we use heating and hot water more often.
The average monthly rent for a one-room apartment is €80-100. In summer, it is slightly cheaper. The price may change a little bit each month. Since the fuel oil that is bought is used to power the power stations in Cyprus, the prices are directly affected by the cost of oil in the world market. So, when the price of oil goes up, the price of electricity on the island also goes up, and when the price of oil goes down, the price of electricity on the island also goes down.