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Our View: The sooner the EAC is privatised, the better

26/04/13
THE ELECTRICITY Authority of Cyprus will not make an adequate surplus to cover its loan repayment obligations the House Finance Committee was told earlier this week. Its chairman Charalambos Tsouris said that the Authority would make a surplus of €34 million this year but would need €46 million for loan repayments. A fall in demand (in the region of 20 per cent) as a result of the recession, combined with total reductions of 13 per cent in electricity rates will reduce revenue by about €200 million, the Committee was told. The chairman of the committee Nicholas Papadopoulos said the figures were cause for alarm and described the EAC as a ‘non-viable organisation’, which could cause the collapse of the economy if it went under... 22 comments

Honour for EAC man who saved drowning fisherman

By Poly Pantelides 18/04/13
AN ELECTRICITY Authority of Cyprus (EAC) machine operator who risked his life to save an amateur fisherman from drowning a month ago was yesterday awarded in Parliament for his valour and altruism. The modest ceremony took place in the House President’s office, on the initiative of the Friends of Police association, to honour Stelios Stylianou, a 48-year-old father of three who saved the life of Giorgos Georgiou on the morning of March 16. ... 10 comments

EAC to get tough on bill-paying

By Poly Pantelides 16/04/13
THE ELECTRICITY Authority of Cyprus (EAC) said yesterday it planned to resume supply cuts to customers with outstanding payments because the authority was facing severe liquidity problems."In cases of non-payment of bills, the EAC will have no choice but to shortly re-start cutting off electricity supply," it said in a statement yesterday.It said it was facing liquidity problems because of a series of price cuts to customers and a reduction in its overdraft limits... 14 comments

NEW: EAC asks customers to pay bills or get electricity cut off

15/04/13
The Electricity Authority (EAC) has said that it will re-start cutting off electricity supply to customers with outstanding payments because of cash liquidity problems... 14 comments

Our View: Bank employees union still calling the shots

05/04/13
BANK EMPLOYEES quit work at noon yesterday so they could take part in a demonstration, organised by their union ETYK which demands that bank provident funds were fully protected and bank jobs secured. The unions have not lost their arrogance, despite the collapse of the economy. Unions of the Electricity Authority of Cyprus have demanded that their provident fund deposits in Laiki, worth €27 million and those in the Bank of Cyprus (€15 million) were saved by the state... 22 comments

New: Electricity prices to be cut

27/03/13
THE Electricity Authority of Cyprus will reduce the cost of electricity a further 3.0 per cent in addition to the scheduled reduction of 5.75 per cent due on April 1.The announcement was made on Wednesday by Commerce Minister George Lakkotrypis after a meeting at the Presidential Palace with all parties involved in the energy sector.Regarding developments in the natural gas and relations with Israel, Lakkotrypis said that he intended to visit the country in April, while President Nicos Anastasiades will also visit Israel in May. ... 14 comments

EAC offers reprieve on three month bond

20/03/13
THE Electricity Authority of Cyprus (EAC) decided yesterday not to redeem a three-month government bond, in order not to place additional burdens on the cash-strapped state.The move was intended as “a show of tangible support to the Republic in these critical times,” read a statement by the EAC’s pension fund management committee.“At the same time,” it added, “we shall continue to maintain faith in the financial system of Cyprus, by keeping the deposits of the pension fund in Cypriot banks and cooperatives.”In December the EAC lent the state €100 million, after desperate pleas from the state that it was facing imminent bankruptcy.The cash came from the workers’ pension funds... 4 comments
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