The increased RES-supporting surcharge contributions by electricity suppliers, prompted by legislative action last summer, is expected to eliminate the RES special account’s deficit and probably produce a modest surplus figure by the end of 2017, according to energypress sources.

Latest data released in November forecast a surplus of roughly 16 million euros for the end of 2017.

The upward trajectory will enable RES special account authorities to return a sum of 90 million euros owed to the main power utility PPC as a result of the latter’s overcontribution for 2014 and 2015 as a result of its overestimation of electricity demand for the two-year period. This discrepancy, disclosed just recently, is expected to be returned through offsetting measures as PPC also owes an amount to the operator.

LAGIE, the Electricity Market Operator, due to release its latest RES special account report within the next few days, is expected to present an account surplus forecast in excess of 90 million euros, which would be sufficient to cover the aforementioned amount owed to PPC.

In its previous report, released in October, LAGIE forecast a RES special account surplus of 71.8 million euros for the end of 2017, without factoring in the 90 million-euro amount that needs to be returned to PPC.

RAE, the Regulatory Authority for Energy, has reached a decision to hike the RES-supporting ETMEAR surcharge for industrial enterprises by an estimated one percent and reduce the surcharge for households by around the same rate. An official announcement is expected from the authority within the next few days.

The favorable outlook for the RES special account has been attributed to an overperformance of electricity supplier contributions into the RES special account.

Electricity suppliers contributed over 20 million euros into the account in November, well over an amount of 10 million euros expected by authorities.

A greater-than-expected contribution by electricity suppliers is also seen for December. In the first week of the month, electricity suppliers contributed approximately 13 million euros into the RES special account, exceeding the 10 million-euro amount estimated for the entire month.