Filenews 9 November 2021 - by Chrysanthos Manolis
The most expensive electricity since 2012 will be paid by consumers whose electricity will be counted in November, but probably also by those whose bills will be counted in the coming months.
This November, compared to last October, will be more expensive by about 20%, but, if we calculate the 10% reduction in force from November to February, the increase... it is reduced to about 10%, but is added to the others that preceded it in previous months.
If we compare this November with last year's, the increase, in terms of only the fuel cost of EAC (along with pollutants), exceeds 90%! Indicative of the situation is the fact that the increase in the cost of purchasing greenhouse gas allowances increased by approximately 100% between October and November 2021.
According to official data from the EAC, the weighted average fuel cost for November soars to €705.16 per metric ton, while for October it was €549.06. Against this background, according to the EAC, the cost of avoidance (in short, the cost of oil for electricity generation) will rise for November to 16.3 cents per kilowatt-hour, compared to 12,738 cents in October and 11,659 in September.
Both the weighted average cost of purchasing the fuel and the net energy cost are the highest recorded in Cyprus since 2012, while, with the exception of this "special" year, nor the period up to 2008, when there are data published on the EAC website, there was a higher cost than the current one. This figure alone is indicative of the seriousness of the energy crisis that is now also plaguing Cyprus, which is not expected to subside any time soon, even though EU officials monotonously reiterate that increased energy costs and inflation, which is increasing the cost of living more widely, are temporary phenomena. Other technocrats, particularly in the energy sector, argue that neither energy costs will fall in the short term, nor will inflationary trends subside early in 2022, as officials in Brussels and Frankfurt prefer. On the contrary, there are many technocrats who predict that the EU's decisions on the Green Deal will prove to be hasty and economically unprofitable or even disastrous for European economies in the near future.
It is worth noting that while for this November the fuel cost of EAC is 16.3 cents per kilowatt-hour, in February 2021 it was "only" 8.725 (an increase of 86%). The increase in fuel costs between November this year and last year (8,471) is 92%!
The increase compared to November 2019 (11,754 cents/kilowatt-hour) is 38%. Even in 2013, when we had very expensive electricity, the fuel cost of EAC was in March 15,085, while as mentioned above in November this year it is 16,294. The only comparison that can be made is with the period may 2012 and November 2012, when the cost of fuel had reached 16,710 cents per kilowatt-hour.
We would like to point out that, now, the fuel cost announced by the EAC includes the cost of purchasing greenhouse gas emission allowances, which, as mentioned above, doubled in November this year, compared to October this year. From what we are informed, apart from the large increase in the prices auctioned throughout Europe, the cost to the Cypriot consumer increased due to the purchase, at this time, of emission allowances that had been made during the huge consumption of electricity in the summer.
