Electricity costs in the north of Cyprus are set to increase by 22% beginning next Monday, as announced by the Turkish Cypriot electricity authority Kib-Tek. The first 250 kilowatt hours of electricity for those on the flat-rate tariff will now cost 5.8614TL from the previous 4.8044TL per kilowatt hour. Other usage brackets will see similar price hikes, impacting residential properties differently based on their consumption.

Kib-Tek justified the price surge by referencing a 14-month period without previous tariff adjustments despite significant increases in fuel prices, cost of living, and a depreciation of the Turkish Lira. The authority emphasized that these adjustments are crucial for maintaining the sustainability of its financial operations. Notably, Kib-Tek is under financial strain due to a binding procurement agreement with Aksa, which requires payments in US dollars while it earns in Turkish liras.