Any future decisions concerning Greek RES special account revenues and its financial standing will require European Commission approval following a demand made by Brussels technocrats during recent fourth-review bailout talks, energypress sources have informed.
The government’s updated fourth-review bailout terms agreed to with lenders include a commitment to keep the RES special account balanced and sustainable for a three-year period up to 2020, through existing feed-in premiums stemming from auctions, as well as following 2021, when a new RES model will be introduced.
The details of this new RES model will be set through negotiations between Greek and European Commission officials within the framework of the target model, aiming to harmonize EU wholesale markets, as well as energy and environment EU directives.
The European Commission’s involvement with the RES special account is one of a series of matters Brussels will continue to monitor during the country’s post-bailout era.
The fourth-review bailout prior actions, announced yesterday by the European Commission, include a term requiring a 50 percent reduction of the supplier surcharge supporting the RES special account in January, 2019, followed by a further 30 percent in January, 2020.
Also, at least 65 percent of CO2 emmission right revenues will need to be injected into the RES special account in 2019 and 2020.
In addition, any RES special account surplus amounts beyond a minimum 70 million-euro level, set as a safety net, will be used to reduce the supplier surcharge, it was agreed.
In the event of a RES special account deficit, RES-support inflow, including an ETMEAR surcharge paid by electricity consumers, will be increased as needed, according to the agreement.