Filenews 13 February 2025 - by Charalambos Zakos
EAC decided to grant a new allowance and reinstate two more that were frozen since 2011.
As "F" identified, the budget of the Electricity Authority of Cyprus for 2025 includes three allowances, two of which were shelved more than a decade ago, following an internal agreement between the EAC Board of Directors and the trade unions.
In particular, the budget of the Electricity Authority of Cyprus includes the introduction of a new allowance for "flat-rate overtime pay". As described in the letter of the EAC General Manager to the Ministry of Energy, the new allowance was agreed between the EAC Management and the trade union side.
The amount of the allowance will be calculated on the basis of the first level of scales A1 to A7, while, as "F" is informed, it will apply to EAC staff who will be required to work in exceptional cases outside working hours and outside their field of daily employment, provided however that they possess the knowledge of the nature of the work that will be required.
In addition, two allowances, "Fixed Travel Allowance" and the "Shift Allowance for Overtime", which were "cut" in 2011, following an internal agreement, are reinstated.
Specifically, the "Fixed Travel Allowance" concerns an allowance for those EAC employees who were obliged to use their personal vehicle to go to a place of service, either due to the absence of an official vehicle or due to an emergency, while the "Overtime Shift Allowance" concerns staff of EAC production stations. It is worth noting that these two allowances had been decided to be reinstated in 2024, however, following a recommendation by the Ministry of Finance, it was decided to reinstate them in 2025.
What does the budget envisage?
EAC's budget for 2025 foresees expenses of €1,883,004,000 while EAC's total revenues for 2025 are budgeted at €1,387,691,000.
The biggest expenditures concern the purchase of fuel and the purchase of pollutants, which amount to almost €800 million. More specifically, out of the €1.8 billion budget, €564 million relates to fuel expenditure, while €277 million relates to the purchase of emission allowances.
Another important point, according to what was said during the debate in committee, is that the cost of EAC staff is 8.5% of the total budget.
In July 2025... EAC calculates
It should be noted that the EAC budget and the Medium-Term Financial Framework for 2025-2027 were prepared under the following conditions:
⦁ The Electricity Market will be fully operational in the fourth quarter of 2025
⦁ Competition in conventional production from 2026
⦁ Competition in Supply with a market share of 9%, 10% and 10% for the years 2025, 2026 and 2027 respectively
⦁ Termination of steam units at Dhekelia Power Station at the end of 2029
⦁ Availability of unit no. 6 at Vasilikos Power Station in January 2026
⦁ Availability of natural gas for power generation purposes in July 2025
