Expats in Cyprus struggling with high energy costs

When people move abroad for work purposes, or simply to start a new life somewhere different, there are many financial considerations for them to take into account. For example, it is vital that they secure the appropriate level of international private medical insurance to help cover any costs they incur as a result of health tests and treatments.

Other common considerations include the cost of property, international exchange rates and so on.

However, one of the issues that is not so commonly thought about is the price of energy and, according to a report in the Daily Telegraph, this has caused problems for many people living in Cyprus. The news source drew attention to statistics that show households on the Island paid an average of 0.1731 euros per kilowatt-hour in 2011, which was the highest rate in the European Union (EU).

Meanwhile, this did not take into account an additional 6.96 per cent levy that was introduced to compensate for an explosion on the island’s main power station.

Now, expats, including those funding their own international health insurance, are said to be struggling to pay their bills.

Two groups have been set up on social media website Facebook to rally against the rising tariffs and so far they have attracted more than 7,000 members. According to the Daily Telegraph, they are filled with expats and locals who are sharing stories about how they have been forced to stop using virtually all their appliances to help bring down their living costs.

Penelope Hearns, who works for news portal CyprusExpat, pointed out that she knows several couples who live in one-bedroom apartments and have been handed bills of over €560 (£474) for just one month. This could make it difficult for them to cover their other costs, including their expat health insurance payments.

The Briton remarked: “Expats and local Cypriots are coming together and exchanging information via Facebook, and have asked the EU to look into the matter. Soon protests will be staged. Consumers feel they are being ripped off, and have had enough.”

According to Ms Hearns, anger is mainly being directed at the Electricity Authority of Cyprus (EAC), which has been accused of operating what essentially amounts to a monopoly.

Facebook user Jas James commented: “The semi-government owned EAC is the sole supplier of electricity to the people of Cyprus, and as such are in a position to effectively hold the people to ransom.” She added that the organisation can charge whatever it wants without fear of losing business.

The EAC, meanwhile, claims that power generation is more expensive on Cyprus because of its small size. This, the authority suggests, means it cannot benefit from the economies of scale that other such organisations make use of.

While people living on the island may struggle to get a good deal on their energy, they should not have any problems securing competitive deals on their expatriate medical insurance. These days, there is considerable choice in the market and by shopping around, individuals can find deals that suit their requirements and their budgets perfectly.

The Article is written by www.expatriatehealthcare.com providing Expatriate Medical Insurance and International Healthcare. Visit http://www.expatriatehealthcare.com for more information on www.expatriatehealthcare.com Products and Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links and this copyright statement must be included. Visit www.expatriatehealthcare.com for more services!

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