North’s electricity prices rise by 22%

Electricity prices in the north are to increase by 22 per cent from next Monday, the Turkish Cypriot electricity authority Kib-Tek announced on Tuesday.

For residential properties paying the flat-rate tariff, the first 250 kilowatt hours or usage will now be charged at 5.8614TL (€0.11) per kilowatt hour, up from 4.8044TL (€0.09) per kilowatt hour.

The fee per kilowatt hour for usage between 251 and 500 kilowatt hours will increase from 9.9115TL (€0.19) to 12.092TL (€0.23), while the fee per kilowatt hour for usage between 501 and 750 kilowatt hours will increase from 10.6573TL (€0.20) to 13.0019TL (€0.24).

At the higher end of usage, the fee per kilowatt hour for usage between 751 and 1,000 kilowatt hours will increase from 11.5519TL (€0.22) to 14.0933TL (€0.26), while the fee per kilowatt hour for usage above 1,001 kilowatt hours will increase from 13.8069TL (€0.26) to 16.8444TL (€0.32)

The fixed monthly usage fee for residential properties currently stands at 110.58TL (€2.07). It is not yet clear whether this fee will be included in the increases, but if it is, it will rise to 134.91TL (€2.53).

For residential properties paying the “three-time” tariff, the normal rate – between 7am and 5pm – will increase from 9.9115TL (€0.19) per kilowatt hour to 12.092TL (€0.23) per kilowatt hour.

The “peak” rate – between 5pm and 10pm – will increase from 13.7116TL (€0.26) per kilowatt hour to 16.7282TL (€0.31) per kilowatt hour, while the “off peak” rate – between 10pm and 7am – will increase from 6.5337TL (€0.12) per kilowatt hour to 7.9711TL (€0.15) per kilowatt hour.

Kib-Tek defended the planned increases, saying that it “had not made any adjustments to electricity tariffs in the last 14 months” prior to Monday, despite the fact that “during this period, fuel prices increased by over 60 per cent, the cost of living increased by 38 per cent, and the Turkish Lira fell by 18 per cent”

As such, it said, the price increases are “necessary” to “ensure the sustainability of Kib-Tek’s financial structure”.

One of the financial pressures currently placed on Kib-Tek is the fact that it remains locked into a procurement deal it signed with Turkish private energy company Aksa in 2023.

The deal bound Kib-Tek to purchase the energy produced at the Kalecik power plant near the village of Gastria, which is owned and operated by Aksa, until 2038, and to pay for it in US dollars. Kib-Tek’s only income is received in Turkish liras, thus further pressuring Kib-Tek as the lira loses value compared to other currencies over time.

In the Republic, single rate domestic consumers pay 10.35 cents per kilowatt hour as their “energy charge”, plus 3.93 cents per kilowatt hour for their network charge. Domestic users also pay a €0.94 meter data management charge and a €8 supply charge on each bimonthly bill.

Those paying the two-rate tariff pay 17.94 cents per kilowatt hour during “standard periods” – between 9am and 11pm – and 17.86 cents per kilowatt hour during “economy periods” – between 11pm and 9am. They also pay the same meter data management charge and supply charge on each bimonthly bill.

المصدر: Cyprus Mail