Electricity Authority of Cyprus
|Operating income||€100,117,000 (2012)|
|Net income||€77,222,000 (2012)|
|Website||Electricity Authority of Cyprus|
The Electricity Authority of Cyprus (EAC) (Greek: Αρχή Ηλεκτρισμού Κύπρου (ΑΗΚ)), whose head office is located in Strovolos, 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
- Vasilikos Power Station - 860MW
The company also distributes electricity produced by four privately held windfarms:
- Orites - 82MW
- Santa Anna - 20MW
- Alexigros - 31.5MW
- Koshi - 10.8MW
Additionally, individuals and private companies own more than 30MW of solar panels and almost 10MW of biofuel installations and the EAC distributes the electricity these produce too.
In 2012, the EAC generated a total of 4,443GWh of electricity consuming 1,109,371 tonnes of fuel costing €645,049,000. Maximum demand in the areas controlled by the Republic of Cyprus reached 997MW. A total of 7.0GWh of the produced electricity in 2012 valued €1,395,000 ended up in the area occupied by Turkey and no money could be collected for it.
The Authority served 548,498 customers in 2012, that is 242 per employee, up from 229 in 2011. The electricity sales per employee reached 1.92GWh, down from 1.94GWh in 2011.
Company investments in 2012 on its assets reached €99,863,000, thus exceeding the net profit by more than €22,000,000.
On 11 July 2011, a total of 98 containers of munitions stored at Evangelos Florakis Naval Base adjacent to Vasilikos Power Station exploded. The huge explosion caused extensive damage to the station. To cope with the extended loss of its largest power station, the Authority had to impose rolling blackouts. Christofias, who was responsible for the destruction, has yet to face punishment.
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.
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.