Just over a month remains until the electricity subsidy in Cyprus comes to an end. Already from the first of November, the bills of residents of the island state will again increase by at least 20-25 euros.
This was announced by the Ministry of Finance on Thursday, 26 September.
The ministry noted that they will not extend the benefits, as the inflation rate in Cyprus has significantly decreased. It should be noted that the state subsidy covers the bills of household, commercial and industrial consumers since July 2024. During this time, more than 400 thousand households and 100 thousand businesses have benefited from the subsidy. The total amount of state support is expected to amount to 12 million euros. Currently, the subsidy is calculated as follows:
- for monthly consumption between 1 and 400 kWh, the subsidy is 85 %,
- for monthly consumption from 401 to 600 kWh - %,
- for monthly consumption from 601 to 800 kWh - %,
- for monthly consumption of more than 800 kWh - %.
We would like to remind you that electricity is the most expensive item of expenditure in Cyprus.
This is particularly well felt in winter, when water heating and radiators have to be switched on all the time. The average bill for a one-bedroom flat at this time is about 80 euros per month. In summer it is slightly cheaper. Each month the price may vary slightly in one direction or another. Since the power plants in Cyprus use purchased fuel oil to power their plants, the prices depend directly on the price of oil on the world market. Accordingly, as soon as oil becomes more expensive, the price of electricity on the island also increases and vice versa.