Nicosia’s electricity prices fall but remain highly exposed to international energy costs
In August, Nicosia was one of only three European capitals to see a decrease in household electricity prices, dropping by 2% compared to July. This decline was linked to a recent fall in international oil prices, easing fuel costs included in the electricity tariff. However, new data reveals that energy costs account for approximately 80% of Nicosia’s final electricity price, the highest proportion among 33 European capitals surveyed.
This heavy reliance on raw energy costs leaves Cypriot consumers particularly vulnerable to fluctuations in global fuel and carbon markets. In contrast to the EU average, where energy costs make up 53% of the price, Cyprus applies lower taxes and regulated charges, limiting the state's capacity to mitigate price swings through fiscal measures. Despite having reduced VAT on electricity to 5%, this tax component represents just 7% of bills.
Adjusted for purchasing power, Nicosia ranks as the eighth most expensive European capital for electricity, with a final price of 33.38 PPS per kWh, well above the EU average of 28.79 PPS per kWh. Nominally, the price stood at 30.49 cents per kWh in August, placing it tenth in Europe. The high dependency on raw energy costs underscores Cyprus’s exposure to geopolitical factors impacting energy supply and prices.
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