Paphos Life

Electricity prices will be 3.9% higher in November, Cyprus Electricity Authority spokeswoman Christina Papadopoulou said.

The reason that electricity bills of households will be higher in November is a global increase in oil prices, Papadopoulou said.

She explained that electricity prices are adjusted each month according to international oil prices, while urging consumers to save electricity.

https://in-cyprus.com/news/local/electr ... -november/

And yet at some garages, petrol prices have come down

For crying out loud!! How many more electricity price increases are we expected to accept?? Do CEA never think of reducing their costs and overheads before loading ever yet more increases on the population?? Guess that's a resounding NO then??

The price we pay for union control - Quelle surprise!

Brexit remainers take note!! This is your fate if you even think of allowing Corbyn into power!!

Nothing to do with Unions, Brexit or Corbyn; just down to the price of oil. Once they change to gas fired boilers then hopefully the electricity prices will drop.
Egypt has massive gas reserves and are expanding their gas treatment facilities and will be able to treat the gas from Aphrodite Field and then ship it back to Cyprus.

Jim


https://cyprus-mail.com/2018/11/08/elec ... s-to-rise/

Hhhmmmm, but Trev says some petrol prices are coming down at garages!! Haven't noticed it myself, but I sure as hell will tomorrow !! No idea myself, but anyone have any idea just how many price increases we've had so far this year????

Actually, since the start of the year the oil price isn´t up. But the US$ is. And you have to pay for oil in dollars.

Jackie
AEK most probably buy oil on contract were as the petrol companies more than likely buy fuel oil on the spot market; there is no refinery in Cyprus any more so they have to buy refined fuel. I know last winter we paid 81 cents a litre for Heating oil, when I looked the other day it was €1 per litre which is a tad under 25% increase. As Jeba also said the dollar has strengthened as well..
Jim

Yesterday we noticed that petrol had dropped by 4 cents ltr in several garages around Paphos.Never seen such a difference in one go.

I can just repeat my post when the last price rise was announced Sep 04 with 12,5% : Since I installed a Solar net-metering, reconfirming with every price increase that I did the right thing to invest some money in that system. Since then I paid every 2 month 25 Euros and will be the same in the future months price changes or not as I have already a large credit of kWh's on my meter for the future...

Max

On November 9th last year €1 bought US$1.642 and a barrel of crude was US$63.93 so it took €54.91 to buy a barrel. today November 9th €1 buys US $1.1404 and the price of a barrel of crude is US$70.98 so it costs €62.25 to buy a barrel a 13% increase . Obviously we buy refined oil but all that needs to be added is the Refinery Margin which fluctuate like the currency and the price of a barrel dependant on demand but more importantly output . With U.S. refiners pumping out the products from a barrel of crude at much higher levels most refiners are reporting margins at their lowest level for two years.
One would presume that even the incredibly inefficient AEK can manage a little hedging and maybe bought some dollars in January when €1 bought over $1.20 but maybe don't hold your breath on that.
The good news is with Saudi increasing production and U.S. sanctions on Iran oil failing the price of a barrel is entering bear country so AEL will soon be announcing price cuts. Or maybe don't hold your breath on that either.

To the keen sighted €1 bought US$1.1642 on November 9th last year.

The link I provided in an earlier post showed a rise of 27.7% on electricity prices this year. Like Max we have net metering so our bills are around €27 per month; it looks like it was a good investment.

Jim

On a similar note when I worked in the printing trade in the UK one of my directors told me paper prices had gone up 48% in 5 months.
And that was in 2009.
and yes they closed the company down!

Basically, EAC are a state owned, union led monopoly who pay their over large staff disproportionally high wages and fringe benefits and later large pensions. They are unworried by costs the company incurrs. My electricity bill was a traversty of charges. I have PV panels, but not on the great system that people who installed PV systems a long time ago enjoy, I get what I produce deducted from what I use. My usage of electricity over the last 2 months incurred €30 of actual electricity use (large old swimming pool pump +use of aircon at night). But my total costs were €110 by the time all their many charges and VAT had been added.

Dee

"Basically, EAC are a state owned, union led monopoly who pay their over large staff disproportionally high wages and fringe benefits and later large pensions. They are unworried by costs the company incurrs. My electricity bill was a traversty of charges."

Thank you Dee, my point entirely, but more eloquently put!

I'm of an age - 75 - when the finances simply don't gel. Regardless of whether or not I could find the funds!

Which I cant

I think the front line staff are worth every cent of their high salaries; yesterday I watched them struggling through torrential rain, thunder and lighting in very dangerous conditions to get the power back on. It took them six hours but they got there in the end.

Jim

Thats the problem with state owned monopolies who don’t need to worry about their costs.. I remember that the Troika (when they were in charge of the Republic’s finances) wanted both the EAC and Cyta to be privatised. But the EAC unions threatened to strike...so the Govt caved in, the unions won and we can see the results of that now.
All one can do now is to pay up or be cut off...

Dee