Cyprus businesses face crippling electricity costs amid EU price drop

Cyprus recorded the joint second-highest electricity prices for non-household consumers in the European Union during the first half of 2026, with businesses paying an average of €0.23 per kilowatt-hour, according to Eurostat. The figure placed Cyprus alongside Italy, while Ireland had the highest average price at €0.27 per kWh. The data covers non-household consumers with annual electricity consumption of between 500 megawatt-hours (MWh) and 2,000 MWh, providing a comparison of costs for businesses with substantial energy needs. Across the EU, the average price stood at €0.18 per kWh in the first six months of 2026, continuing the downward trend seen over the previous year. Prices fell by 2 per cent compared with the second half of 2025 and were 5.4 per cent lower than in the first half of 2025. Despite the overall decline, Cyprus remained among the most expensive EU countries for business electricity, with its average rate five cents per kWh above the bloc-wide figure. The lowest prices were recorded in Finland, at €0.09 per kWh, followed by Sweden at €0.12. Denmark, Spain and Portugal each recorded an average of €0.13 per kWh. Electricity prices fall in most EU countries Electricity prices for non-household consumers decreased in 19 EU member states during the first half of 2026 compared with the same period a year earlier, reflecting the broader downward movement in the bloc. The sharpest reductions were recorded in Luxembourg, where prices fell by 23.8 per cent, followed by the Czech Republic with an 11.9 per cent decrease and Greece with an 11.8 per cent decline. However, prices increased in eight countries over the same period. The largest rises were registered in Sweden, where business electricity prices climbed by 18.8 per cent, and Finland, where they rose by 18.7 per cent. Bulgaria recorded the third-highest increase, at 14.2 per cent. The figures show that while electricity costs eased across much of the EU, businesses in Cyprus continued to face some of the bloc’s highest average prices.