The Government of Cyprus intends to reduce the cost of electricity by 10% for a period of three months


The Cyprus government has proposed to the energy regulator to reduce the price of electricity by 10 percent for the next three months, said Finance Minister Konstantinos Petrides on Wednesday.

This proposal is part of measures aimed at helping the public cope with the financial consequences of the crisis due to the outbreak of coronavirus.

According to Petrides, the state-owned management company Kedipes also decided to “suspend all debt obligations for three months,” he said on Twitter.

The government has already announced a package of incentive measures in the amount of 700 million euros, which provides for a reduction in the standard rate and the VAT rate for accommodation by two points to 17 and 7 percent, respectively.