Major foreign firms active in Greece’s RES market are reexamining their investment plans, officials of local subsidiaries have informed following measures announced by energy minister Costis Hatzidakis to counter the RES special account deficit.
The new measures, which include an extraordinary 6 percent tax on electricity producer total revenues for 2020, have generated a new climate of uncertainty following new-deal tariff cuts in 2014, foreign RES investors have stressed, noting the strong investment interest maintained until recently could fade.
The energy ministry’s measures have yet to be finalized. Once they are fine-tuned and implemented, parent companies and their local subsidiaries are expected to look carefully at their Greek RES investment plans and make revisions if necessary.
Some multinational company officials already believe investment plan revisions will be made, adding that local partners will soon be informed.
“The projects we have in progress will be completed but our future investment program will be discussed with our head officials,” one company official informed.
Certain RES investors remain hopeful that the energy ministry could end up delivering a more balanced solution to combat the RES special account deficit.
The new-deal tariff cuts in 2014 stunned RES market investors and led to an extended period of stagnancy.
Foreign embassy officials are expected to contribute to the efforts of multinational investors for revisions to the energy ministry plan.