Pricing
The problem of ‘energy tourism’
Motivated not by the search for the cheapest kilowatt-hour, but by "escaping" their bills, the phenomenon of consumers moving from one retail electricity provider to another has been dubbed "energy tourism" by supply companies, and it has become the bane of the market.
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E-kalathi to be Cyprus’ tool for smart shopping
Based on the Cypriot government's timeline, the introduction of e-kalathi, a new digital platform for monitoring retail product prices, is expected to take place around early 2024. The bill has been given the green light by the Council of Ministers and will soon be presented to the Parliament.
Once passed, e-kalathi will be available as a smartphone application for consumers to use.
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Oil continues to Fall in Price
Oil prices continued to fall during trading on Thursday, hitting three-week lows on concerns that rising interest rates policies by leading central banks could limit global economic growth and fuel consumption going forward.
At the same time, the dollar has appreciated in the foreign exchange market, with its strengthening making oil more expensive for buyers in other currencies.
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Cap on electricity and gas prices extended
The government has extended caps on the retail prices of electricity and natural gas for households, small commercial consumers and protected consumers until the end of the year, as has caps on retail electricity prices paid by SMEs.
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Gap reopens in property rates
The effort to have taxable property rates (known as "objective values") converge with the actual market prices currently looks like a losing battle.
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Attica Group’s 2022 revenue up 52% on 2021
Attica Group reported unified sales of 530.24 million euros in 2022, a 52% revenue increase from €347.92 million in 2021, it said on Thursday.
Consolidated EBITDA amounted to €57.75 million in 2022, or a 38% rise from €41.96 million in 2021.
Net income after taxes was €17.05 million compared to net losses of €13.19 million for fiscal year 2021.
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High prices persisting in Cyprus
A number of goods and services are expected to stabilize at high prices in Cyprus in the coming period, while food prices are expected to rise ahead of Easter. These are the conclusions drawn from the Consumer Price Index for the first two months of 2023, as well as reports from market professionals to Kathimerini Cyprus.
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Cyprus proceeds with pending tax rebates
An intensive effort by Cyprus' Tax Department in recent months has resulted in rebates of over 70 million euros of excess taxes, with an additional €200 million expected to be paid, according to the head of the department, Sotiris Markides.
He emphasized that the Tax Department aims to clear all outstanding corporate and individual taxpayer rebates by the end of 2023.
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The Croatian Government will Introduce a Fixed Price for Basic Food Products
At its meeting on Thursday, the Croatian government will take a decision to set a fixed price for eight basic products, said Prime Minister Andrej Plenković.
The price of sunflower oil will be lower - 1.72 euros per liter (now it is 1.86 euros), there will be a price limit for milk, flour, sugar, whole chicken and minced pork.
EU to revamp power market, aiming to blunt price spikes
The European Commission is set to propose a revamp of Europe's electricity market rules on Tuesday, aimed at expanding the use of fixed-price power contracts to shield consumers from severe price spikes like those experienced last year.