New single electricity tariff will come into force on March, 1

Turkish Cypriot Electric Authority (Kib-Tek) is currently owing a debt of over 1 billion Turkish Lira, said, Minister of Finance Sunat Atun.

Atun said that an overhaul was needed.

Regarding the new single electricity tariff to be introduced on 1 March, he noted that a middle ground tariff should not strain the purchasing power of the people and the institution would cover the production costs.

Atun said that “There will not be an exorbitant increase in electricity”  and that the government had envisaged a system where citizens on low-income would not be victims of electricity costs.

The tariff for the first 250 kilowatt hour will not change, and the average will be taken for the second 250 kilowatt hour, Atun said.

Stating that Kıb-Tek has to pay for the electricity it produces, Atun said, “Those who consume less will pay less, those who consume more will pay more.” 

Atun added that the Price Stability Fund resources had been abandoned since 2018.