Kıb-Tek increases electricity tariffs by more than 30 percent

The Cyprus Turkish Electricity Authority (Kıb-Tek) has announced an increase in electricity tariffs,  both single-time and 3-time tariffs by approximately 31 percent starting from November, 1, 2023.

According to a statement by Kıb-Tek on Tuesday, For residential properties paying the flat-rate tariff, the first 250 kilowatt hours or usage will now be charged at 2.87232TL (€0.10) per kilowatt hour, up from 2.1912TL (€0.07) per kilowatt hour.

The fee per kilowatt hour for usage between 251 and 500 kilowatt hours has increased from 4.5205TL (€0.15) to 5.9257TL (€0.20), while the fee per kilowatt hour for usage between 501 and 750 kilowatt hours has increased from 4.8606TL (€0.16) to 6.3714TL (€0.21).

At the higher end of usage, the fee per kilowatt hour for usage between 751 and 1,000 kilowatt hours has increased from 5.2687TL (€0.18) to 6.9063TL (€0.23), while the fee per kilowatt hour for usage above 1,001 kilowatt hours has increased from 6.2888TL (€0.21) to (€0.24).

The fixed monthly usage fee for residential properties has also increased from 25TL (€0.83) to 35.50TL (€1.18).

For residential properties paying the “three-time” tariff, the normal rate – between 7am and 5pm – has increased from 4.5206TL (€0.15) per kilowatt hour to 5.9527TL (€0.20) per kilowatt hour.

The “peak” rate – between 5pm and 10pm – has increased from 6.2538TL (€0.21) per kilowatt hour to 8.1976TL (€0.27) per kilowatt hour, while the “off peak” rate – between 10pm and 7am – has increased from 2.98TL (€0.10) per kilowatt hour to 3.9062TL (€0.13) per kilowatt hour.

Commercial, industrial and tourism properties paying the flat-rate tariff will also see prices increase, with the rate per kilowatt hour going up from 4.5205TL (€0.15) to 5.9257TL (€0.20).

Meanwhile, prices for ‘government’ and ‘state’ buildings are set to be three times higher than their current rates. The price per kilowatt hour has now increased from 5.6085TL (€0.19) to 18.0466TL (€0.60).

In addition, the price to have a metre checked has increased from 1,028.04TL (€34.15) to 1,448.24TL (€48.10), while the price of being reconnected to the grid after being cut off due to outstanding debt has increased from 135.63TL (€4.50) to 181.03TL (€6.01).

It also has a “two-rate” tariff, with the “peak” rate – between 9am and 11pm – chargeable at €0.1105 per kilowatt hour and the “off peak” rate – between 11pm and 9am – chargeable at €0.0901 per kilowatt hour, with the network charge the same as the flat rate tariff.