Unions and other organisations have protested against the Council of Ministers’ decision to increase the cost of electricity by 20%. Saying that people on minimum wage will suffer the most and that the economy will be damaged, they have demanded that the decision be reversed.
The Turkish Cypriot Chamber of Commerce, in a statement, has demanded that the government reverse its decision to increase the price of electricity by 20%.
The statement noted that the price hike was unjustified and would create more economic hardship.
Over the past two years, despite the fact the world oil prices have fallen, the cost of electricity in the TRNC has not been reduced. Increasing the price of electricity would have a knock-on effect on the economy, the statement read.
It went on to say that there were other methods of producing electricity and power plants generated by oil were outdated.
KIB-TEK has the monopoly on electricity supply. Its power plant continues to pollute and its structure is cumbersome and unsustainable. KIB-TEK should be restructured and stripped of its monopoly as has been stated in the Structural Transformation Programme.
In light of this, the cost of electricity must be reduced now to avoid further damage to economy, the statement concluded.