Electricity Authority of Cyprus

Electricity Authority of Cyprus
(EAC)
Αρχή Ηλεκτρισμού Κύπρου
(ΑΗΚ)

Type	Public utility
Industry	Electricity
Founded	1952
Headquarters	Nicosia, Cyprus
Area served	Cyprus
Revenue	€907,777,000 (2013)
Operating income	€106,555,000 (2013)
Net income	€72,991,000 (2013)
Number of employees	2,167 (2013)
Website	Electricity Authority of Cyprus

The Electricity Authority of Cyprus (EAC) (Greek: Αρχή Ηλεκτρισμού Κύπρου (ΑΗΚ)) was founded in 1952 by the British colonial government. The 28 private electricity companies of the time were nationalized and absorbed into the EAC. The Authority never received any subsidies from the government as these have always been prohibited by law. Its head office is located in Strovolos. The EAC currently holds a near monopoly on electricity generation in Cyprus. It operates through three power stations with a total capacity of 1460MW:

• Dhekelia Power Station - 460MW
• Moni Power Station - 140MW + 125MW in storage and set for disassembly
• Vasilikos Power Station - 860MW

The company also distributes electricity produced by five privately held windfarms:

• Orites - 82MW
• Santa Anna - 20MW
• Alexigros - 31.5MW
• Koshi - 10.8MW
• Aeolian - 10.8MW

Additionally, individuals and private companies own more than 40MW of solar panels and almost 10MW of biofuel installations and the EAC distributes the electricity these produce too.

In 2013, the EAC generated a total of 3,942GWh of electricity consuming 883,071 tonnes of fuel costing €485,492,000. Maximum demand in the areas controlled by the Republic of Cyprus reached 815MW, rising to 871MW in 2014 (almost 7% increase). A total of 6.5GWh of the produced electricity in 2013 valued €1,285,000 ended up in the area occupied by Turkey and no money could be collected for it.

The Authority served 549,448 customers in 2013, that is 254 per employee, up from 242 in 2012. The electricity sales per employee reached 1.80GWh, down from 1.92GWh in 2012.

Company investments in 2013 on its assets reached €56,795,000.

On 11 July 2011, a total of 98 containers of munitions stored at Evangelos Florakis Naval Base adjacent to Vasilikos Power Station exploded causing extensive damage to the station. To cope with the extended loss of its largest power station, the Authority had to impose rolling blackouts. In 2010, the maximum demand had reached 1,144MW, the highest ever, and an even higher one was expected in 2011.

As a precondition to the accession of Cyprus to the European Union, the local market for electricity generation has been opened to private companies, but so far no private power plants have been built, although four licenses have been granted by Cyprus Energy Regulation Authority. In the meanwhile, the EAC diversified into communication and cable television services in cooperation with a private company.

The headquarters of the Authority

In 2005, the company was involved in a high profile scandal involving the alleged theft of millions of Cyprus pounds from the employees' pension scheme.^[1]

References