North Cyprus Electric Authority, (Kıb-Tek) set to increase electric tariffs by 30 percent

North Cyprus Electric Authority, (Kıb-Tek) is preparing to present the new regulation, which includes a 30 percent increase in electricity tariffs, to the Council of Ministers.

Kib-Tek General Manager Gürcan Erdoğan who made the statement during a press conference last week, said that “price regulation” in electricity is essential and inevitable adding that there have been no price increases since 2019.

Erdoğan said that the lack of price increases has put Kib-Tek into serious financial difficulties and a 30 percent increase in the cost of electricity is needed to redress the balance. 

A proposal has been submitted to the Council of Ministers suggesting that consumers pay 21 percent of the increase and the Finance Ministry absorbs the rest, he said.

Erdogan reiterated that the politicians will decide how much of the said price adjustment will be reflected to the public and how much will be undertaken by the state.

If the price of electricity to the consumer does increase by 21 percent, the cost of 1 KW will be 1.84 TL.