Power producer EAC revenue slumps 23% in 2013, on lower sales volume, prices

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By Stelios Orphanides

State owned power producer Electricity Authority of Cyprus saw its revenue fall more than 23 per cent to 907.8 million euros last year compared to the year before on a combination of reduced sales volumes and lower electricity prices, the company said.

EAC sold 3,889.8 million kilowatt hours in 2013, almost 11 per cent less than in 2012, at an average price of 0.20488 euros per kilowatt hour, 7.7 per cent below the 2012 respective price, the company said in a statement on its website today.

“In 2013, the Cyprus Energy Regulatory Authority imposed initially a temporary 5 per cent reduction on all EAC tariffs and subsequently 8 per cent because of the financial crisis”.

After tax earnings fell in 2013 5.8 per cent to almost 73 million euros compared 2012, the statement said.

While the number of EAC employees fell 4.5 per cent in 2013, to 2,167 compared to 2012, average sales per employee fell 6.3 per cent to 1.8 million kilowatt hours respectively, the power producer said.

Energy minister Yiorgos Lakkotrypis said yesterday that the conclusion of the EAC’s privatisation may take until 2018, instead the third quarter of 2017, as initially scheduled. “Intensive work is postponed with a conclusion within 2018, and after thorough studies are carried out” by the privatisation unit.

The minister said with reference to EAC workers that “despite widespread scaremongering I would like to assure you that the existing legislative framework protects their rights and benefits. In addition, their representation in the mixed advisory committee is safeguarded through the participation of the unions representing them”.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]