The Electricity Authority of Cyprus is on hold for the increase of its rates, a request that is still pending before the Regulatory Authority of Energy (PAEK). Speaking before the House Finance Committee within the framework of the talks on EAC’s budget for 2009, Chairman of the Authority, Haris Thrasou said that the yield in the investments is lower due to the non increase of the basic rates.
The request before PAEK provides for an increase in EAC’s rates by 2% per annum until 2012. “So far, the Energy Authority did not approve an increase in the rates for sensitivity purposes due to the increased electricity prices.
On the question how does PAEK see the Authority’s request raised by EVROKO MP, Nicos Koutsou, Mr. Thrasou said that it will see it positively and expects the economic conditions to allow it.
According to Mr. Thrasou, the bills for March will be lower by 7.5%. “The average price per Kilowatt in March is lower by 11.7%, while the average price per kwh fell by 30.9%.
Chairwoman of the House Finance Committee, Antigoni Papadopoulou welcomed the upcoming drop in electricity prices as a result of the decline in fuel prices and expressed the view that there are still margins for further cuts. “The consumer must feel that he/she is not burdened by the higher prices”, she said.
EAC’s budget for 2009 provides for total expenditure of €1,104,241,776. The calculated revenues amount to €872,141,000 compared to €777,806,000 in 2008 and derives from the sale of electric energy to several categories of consumers.
The capital expenditure are expected to increase by €302,308,045 and concern development programs that aim to increase production, to increase the capabilities in the production of electricity from renewable sources of energy and to expand the transfer network in computerization.
The programs include three internal combustion units in Dekeleia Station and the installation of three internal combustion machines with the use of crude oil and the provision for conversion to natural gas combustion. The projects will be finalized on June 1, 2009 with a total cost of €63,036,000.
EAC invited tenders for the installation of desalination units of 50000cubic meters in Vasiliko. The unit will operate two years after the acceptance of the tender by the successful bidder.
As for the operating expenditure, the biggest concerns the fuel (€573,472,000). The quantity of fuel that will be calculated in 2009 is expected to reach 1,260,400 metric tones of crude oil and 64,300 metric tones of diesel.
The request before PAEK provides for an increase in EAC’s rates by 2% per annum until 2012. “So far, the Energy Authority did not approve an increase in the rates for sensitivity purposes due to the increased electricity prices.
On the question how does PAEK see the Authority’s request raised by EVROKO MP, Nicos Koutsou, Mr. Thrasou said that it will see it positively and expects the economic conditions to allow it.
According to Mr. Thrasou, the bills for March will be lower by 7.5%. “The average price per Kilowatt in March is lower by 11.7%, while the average price per kwh fell by 30.9%.
Chairwoman of the House Finance Committee, Antigoni Papadopoulou welcomed the upcoming drop in electricity prices as a result of the decline in fuel prices and expressed the view that there are still margins for further cuts. “The consumer must feel that he/she is not burdened by the higher prices”, she said.
EAC’s budget for 2009 provides for total expenditure of €1,104,241,776. The calculated revenues amount to €872,141,000 compared to €777,806,000 in 2008 and derives from the sale of electric energy to several categories of consumers.
The capital expenditure are expected to increase by €302,308,045 and concern development programs that aim to increase production, to increase the capabilities in the production of electricity from renewable sources of energy and to expand the transfer network in computerization.
The programs include three internal combustion units in Dekeleia Station and the installation of three internal combustion machines with the use of crude oil and the provision for conversion to natural gas combustion. The projects will be finalized on June 1, 2009 with a total cost of €63,036,000.
EAC invited tenders for the installation of desalination units of 50000cubic meters in Vasiliko. The unit will operate two years after the acceptance of the tender by the successful bidder.
As for the operating expenditure, the biggest concerns the fuel (€573,472,000). The quantity of fuel that will be calculated in 2009 is expected to reach 1,260,400 metric tones of crude oil and 64,300 metric tones of diesel.
3287.99
1275.09
