Electricity Authority of Cyprus to start charging interest on delayed bills

According to Dinos Eliopoulos, vice-chairman of the Cyprus Energy Regulatory Authority (CERA) an interest rate of around 5.5 per cent will be added to the bills of consumers who fail to pay their bill on time. It is expected that the new measure will apply from the next billing cycle. EAC’s income has shrunk the last six months because households affected by the economic crisis and the increase in electricity prices after the Mari incident, fail to pay their electricity bills before the deadline. The interest will be calculated based on the number of days passed after the deadline divided by 365 and multiplied by 5.5% which comes out to bit more than 1 euro per day for every 100 euro owed. Even though this extra interest will be charged EAC will as usual, continue cutting the electricity supply for households who haven’t met their deadline.