Europe

President is trying to keep energy costs down

President Nikos Anastasiades will create an emergency with energy ministers and officials to curb the rise in electricity prices in the tide of inflation.

Anastasiadis met at the Presidential Residence on Friday, calling for the participation of the Minister of Finance, the Minister of Energy, the Regulatory Authority (CERA) and the Cyprus Electricity Authority to find ways to lower electricity prices.

The conference was held in the midst of protests from consumer groups and unions over high energy costs, with opposition parties reducing electricity-burdening taxes, including value-added tax on the cost of greenhouse gas purchase rights. Is requesting.

This is proposed by the centre-right DIKO, and also the demands of the main opposition AKEL. Value-added tax on electricity Consumption tax will be abolished.

Friday’s agenda also includes the possibility of taxing the profits of some solar power plants.

However, this tax does not generate significant income that could significantly reduce consumer charges.

Critics have accused authorities of allowing companies producing electricity in solar parks to make a profit.

Recently, the government has introduced an 11 cents cap on the price of KW’s electricity sold to the island’s electricity by owners of solar parks.

This is the Cyprus Consumers Association Profitable encouragementThe company initially sought compensation of 8.5 cents for each KW sold.

The meeting on Friday also focused on the more efficient use of state revenues from greenhouse gas emission allowance auctions, rather than these annual revenues funding state-related activities in the energy sector. Directed to the bailout of EAC customers.

Approximately 70% of electricity prices are affected by international oil prices and greenhouse gas rights purchased by the EAC.

Soaring electricity prices have put Cyprus families in poverty.

EAC spokesman Christina Papadopoulou tells Politis every day: “Electricity prices in Cyprus have risen 48% compared to the same period last year.”

She explained that a family of four is now paying an average of 241 euros a month from 174 euros last summer.

From November 2021 to April 2022, electricity prices were reduced following the government’s decision to reduce the VAT on household electricity prices from 19% to 9%.

Since then, prices have continued to rise.

post President is trying to keep energy costs down First appeared Financial mirror..

https://www.financialmirror.com/2022/06/28/president-seeks-to-curb-energy-costs/ President is trying to keep energy costs down

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