KIB-TEK raises electricity tariffs by 22 percent

Electricity tariffs have been increased by 22 percent.

According to the Cyprus Turkish Electricity Authority (KIB-TEK), the increase was necessary to maintain the financial sustainability of the institution.

The new tariffs come into effect today.

The Cyprus Turkish Electricity Authority, KIB-TEK, has announced a 22 percent increase in electricity tariffs, citing rising energy-related costs.

In a statement, the authority noted that no tariff adjustments had been made over the past 14 months despite significant increases in operating costs.

KIB-TEK said fuel prices have risen by more than 60 percent during that period, while the cost-of-living index increased by 38 percent and exchange rates by more than 18 percent.

The authority stated that all of these factors were taken into consideration when reviewing electricity prices.

As a result, KIB-TEK said a tariff adjustment became unavoidable in order to preserve the institution’s financial sustainability and ensure the continued provision of electricity services.

The new electricity tariffs, reflecting a 22 percent increase, officially came into force on June 1.