Southern Cyprus — the most expensive in Europe for electricity; major energy projects stalled

According to Eurostat data for the second half of 2024, Southern Cyprus ranks first in Europe for electricity costs across all consumption categories. The Haravgi newspaper reported this, citing official statistics and investigations by the European Public Prosecutor's Office.

According to the data, households with a monthly consumption of up to 1,000 kWh pay €86.08 per 100 kWh, compared to the European average of €45.10. For consumption groups 1,000–2,499 kWh — €35.70 (European average €28.49), 5,000–14,999 kWh — €34.76 (26.41), and large consumers (15,000 kWh) — €34.80 (25.50). The newspaper notes that over the past year around €1 billion was spent on several “green” projects, while consumers paid about €1.3 billion over seven years for carbon emission rights.

Haravgi and Gündem Kıbrıs report that the European Public Prosecutor's Office is investigating the Vasiliko terminal project — about €800 million has already been spent, but gas has not been supplied — and the Cyprus–Greece submarine cable project (GSI), with contracts signed for around €125 million. The payment for the floating LNG terminal (SFRU) — about €290 million — is also mentioned, with its fate unclear; promised deliveries and commissioning in 2024–2026 have not yet occurred.

For residents of Northern Cyprus, this signals instability and high prices in the neighboring region: project delays and investigations may affect regional energy markets and price dynamics. It is recommended to follow official announcements from the European Public Prosecutor's Office and the authorities of Southern Cyprus to assess potential consequences.