ECONOMY

Steep rise in household electricity prices in Greece and Cyprus

Greece and Cyprus experienced the highest rise in the European Union in household electricity prices between the second half of 2011 and the latter half of 2012, Eurostat said on Monday.

Consumers in Cyprus saw their electricity bill rise by 21 percent during that period, which was the highest in the EU, followed by Greece, where the price rose by 15 percent.

In purchasing power standards (PPS), Cyprus has the highest electricity prices in the EU. Prices in Greece are below the EU average.

However, in PPS, Greece has the second highest natural gas prices in the EU after Bulgaria.

In PPS, the average price per 100 kWh in the EU was 7.2, whereas in Greece it was 11.3.