Electricity prices in Cyprus continue to rise, despite the recent decline in fuel prices on international markets. According to Christina Papadopoulou, a spokesperson for the Cyprus Electricity Authority (EAC), November electricity bills are about 5% higher than those in October.
At the same time, over the past six months, electricity prices for consumers have risen by 28%, while the cost of fuel used to generate it has increased by about 50%.
Why Electricity Prices in Cyprus Are Rising Despite Falling Oil Prices
In recent days, the price of oil on international markets has fallen by more than $3 per barrel, dropping to approximately $90. However, yesterday the price rose slightly again—to $92.81 per barrel. One reason for this was Iran’s stance, as it stated that it does not intend to export enriched nuclear material outside the country.
The EAC explains that changes in global fuel prices do not immediately affect the cost of electricity. There is a lag of about two months: the utility has fuel reserves for this period and uses them to generate electricity.
Therefore, even if oil prices on the global market fall today, consumers may not see a reduction in their bills until some time later. Similarly, increases in fuel prices are also reflected in electricity rates with a delay.
What Makes Up an Electricity Bill in Cyprus
According to Papadopoulou’s estimate, a household that consumes 800 kWh over two months will have to pay about 280 euros in November. That’s roughly 140 euros per month.
At the same time, according to the EAC representative, the authority’s own profit from such a bill amounts to only 9 euros over two months—about 4% of the total amount. The remaining expenses are distributed as follows:
70%—fuel for electricity generation;
6–7% — employee wages;
about 5%—depreciation of equipment and infrastructure;
about 5%—other expenses;
1.5%—renewable energy support fee;
5% — VAT.
For further clarification on costs: in November 2026, the cost of one additional kilowatt-hour under the standard EAC residential tariff (Tariff 01) is approximately 33.68 cents, including taxes and fees. Fixed fees for electricity service and metering are billed separately. The total amount depends on the rate and consumption volume.
How to Reduce Electricity Costs in Winter
An EAC representative recommends that Cyprus residents pay closer attention to their use of household appliances and set their air conditioners correctly during the cold season. Key recommendations:
Set the air conditioner temperature to 22–23 degrees. Every additional degree above 22 can increase electricity consumption by up to 7%.
Clean air conditioner filters regularly. They should be cleaned before the start of the winter season. According to Papadopoulou, clean filters can save up to 30% on electricity.
Do not leave the water heater on unnecessarily. According to an EAC representative, one hour of operation costs approximately 1 euro.
Don’t boil more water than you need. It’s recommended to fill an electric kettle only with the amount of water you actually need.
Even small changes in daily habits help reduce electricity consumption. This is especially true in winter, when residents use air conditioners for heating and other energy-intensive appliances more often.