Interest and penalty payable on overdue electricity bills - 27/1/12
From 1st February 2012 EAC, following approval of the Cyprus Energy Regulatory Authority (CERA), will charge interest and penalty on overdue electricity bills as follows:
a) Interest for the days overdue, i.e. from the due date until the actual date of the bill settlement. For bills with due date prior to 1st February 2012 the days overdue will be calculated from 1st February 2012 until the actual date of the bill settlement.
The interest rate will be the prevailing public default rate as determined from time to time by the Ministry of Finance. For 2012 the public default rate is 5%.
b) A penalty of €5 on bi-monthly or €10 on monthly bills that are not settled by the due date. No penalty will be applied on overdue bills less than €100.
Interest and penalty will be charged on all overdue electricity bills without exception (e.g. no exemption for electricity bills of Government Departments, Semi-Government Organisations, Municipalities and other Local Authorities).
EAC reserves the right to disconnect the electricity supply irrespective of the imposition of interest and penalty.
Bills that are part of settlement plans whereby they are settled in monthly instalments or settled through payroll or via a special settlement plan of major organisations are considered as being settled before the due date and no interest or penalty will be charged.
In order to avoid interest charge and penalty we urge you to settle your bills by direct debit of your bank accountwith any commercial bank or any Co-Operative Banking Institution. Furthermore we remind the domestic consumers that they can also join the Bill Settlement Plan by Equal Monthly Instalments.