Electricity bills could spike by as much as 20 per cent by August if fuel prices fluctuate at $110 to $115 a barrel, the Electricity Authority (EAC) said on Thursday.

The EAC held a news conference to provide an update on the anticipated trajectory of electricity prices amid the escalating situation in the Persian Gulf that has rattled global energy markets.

Chairman Giorgos Petrou said that in May, assuming Brent crude oil goes for $102 a barrel, the price of electricity in Cyprus would go up by about 5 per cent.

But given the most recent developments, he added that by August – if Brent goes for $110 to $115 – electricity bills might jump by up to 20 per cent compared to today.

The EAC boss stressed that the market remains highly volatile, given disruptions in fuel supply.

Despite the uncertainty, he said, the state-run power utility continues to buy fuel “normally” so as to ensure sufficient reserves.

EAC Chairman Giorgos Petrou

The EAC has adopted a policy of not suspending fuel imports even at times of high prices.

The organisation took delivery of a fuel shipment last week and expects a new shipment in early April.

According to Petrou, the EAC’s reserves can last for approximately two months.

Currently the EAC imports refined fuel chiefly from European countries – Spain and Italy – in contrast with the past when it purchased some of the oil from the Persian Gulf.

Brent crude was trading at around $111 a barrel on Thursday, as strikes on key Middle Eastern energy sites raised concerns over worsening supply disruptions.

Iran targeted a major LNG export hub in Qatar, part of a broader campaign against regional energy infrastructure in response to attacks on its large South Pars gas field.

The strikes mark a sharp escalation and further amplified fears of prolonged disruptions, with traffic through the Strait of Hormuz, which handles roughly 20 per cent of the world’s oil and LNG, remaining stalled.

According to Trading Economics, “seasonal demand pressures are adding to the strain as spring travel picks up and refineries switch to more expensive summer fuel blends.”

To ease supply bottlenecks, the United States is issuing a 60-day Jones Act waiver and releasing 172 million barrels from strategic reserves as part of a coordinated international effort.

Elsewhere at the press conference, Petrou complained about “misinformation” regarding the EAC’s market share in Cyprus.

Citing data for November 2025, he said the EAC holds around 85 per cent of the share in the supply of electricity.

He also addressed the “false narrative” that the EAC receives 416 megawatts from renewables.

Other than the NetMetering and NetBilling systems, and the 20 megawatts from the EAC’s own solar parks, the EAC accounts for 233.5 megawatts of installed power from renewables.