Electricity prices on the island are constantly rising, and so are consumers' bills. The island's government is trying to help its people.
From time to time, Cypriots receive subsidies to help cover the cost. But while subsidies used to be given to everyone, now only certain categories of citizens can count on them.
Recently, there was a regular meeting of the Cabinet of Ministers where it was decided to provide targeted assistance only to the most vulnerable households in Cyprus.
In particular, subsidies will be given to those who are covered by the 'tariff 8'. These include: elderly people on low pensions and single-parent families. It is expected that the preferential tariff will enable a total of 33.5 thousand households to pay for light at a reduced price, of which 10.7 thousand will be single-parent families. The subsidy will apply from 1 November 2024 to December 2025. MPs noted that this measure will ease the burden of high electricity prices for many Cypriot residents. The initiative is of a medium-term nature and is primarily targeted at vulnerable groups. It could 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 remembered that electricity bills are the most expensive item of expenditure in Cyprus.
This is especially true in winter, when it is necessary to keep hot water and heating appliances on all the time. The average bill for a one-bedroom apartment at this time of year is around €100-150 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.