When 2013 comes around, Cyprus consumers will see a 4.74 per cent hike in the price of electricity, as a new EU regulation on carbon emissions comes into effect, officials said yesterday.
EU industries will no longer be allocated free amounts of CO2 they can emit and will instead have to buy every tonne through an auction.
This basically means that EU governments would be able to sell their share to the highest bidder.
But the regulation allows industries, under certain conditions, to get an exemption – or derogation, a provision Cyprus will use for the Electricity Authority of Cyprus (EAC).
House Environment Committee chairman Adamos Adamou said Cyprus was planning to ask for the maximum amount of emissions provided by the derogation – 70 per cent reports Cyprus Mail.