News Column

Extra charge 'badly timed'

September 2, 2014



THE consumers association said on Tuesday it was the wrong time for the electricity company (EAC) to impose a 4.5 per cent annual interest rate on late bills.

"We think the timing the EAC chose to impose this additional burden is totally wrong," the chairman of the association Fryni Michael said.

September and October are months when households have to pay a series of taxes on top of the difficulties faced due to the economic downturn.

"EAC bills are very high; it is well known that we pay one of the most expensive electricity in Europe," she said.

"On one hand the EAC says the market is open and it is not a monopoly and on the other it behaves like a monopoly," Michael said.

The EAC had announced its decision to impose an annual 4.5 per cent interest rate on late bill payments as of September a few months ago.

The company said that turning the blind eye to late payments in recent years has landed it with arrears in the region of 60 million.

Send to Kindle


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Cyprus Mail


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters