EAC saved £6m last year

THE ELECTRICITY Authority of Cyprus (EAC) reportedly used 12,000 tons less of crude oil to produce electricity for the year 2005, which, along with the lower purchase prices of fuel resulted in a reduction of the company’s financial expenses up to £6,000,000.

The EAC’s budget plan which was handed in to the Parliamentary Economical Commission yesterday included a request to allow the company to spend an extra £30 million to cover a purchase of another 1.12 million tons of crude oil.

The Administrative Board’s Vice-president Haris Charalambous stated that the overall consumption of crude oil comes to a total of 1,114,000 tons of crude oil, which along with the lower fuel prices, has put the price down to £24 million pounds. The president of the Parliamentary Economical Commission Aristos Chrisostomou told the press that the Commission has requested the company to send the letter for the lower expense and after the Ministerial Council is fully informed of the matter, legislation for the request will be sent to the entire Parliament.
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The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.