LAGIE, the Electricity Market Operator, not only expects the RES special account deficit to be wiped out by the end of 2017, as promised in the bailout agreement, but to reach a surplus of 44 million euros. The operator forecasts a further widening of this deficit by the end of 2018 to 213 million euros
These forecasts are based on a seven-euro per MWh surcharge imposed on suppliers. This surcharge, introduced last October, has so far overperformed, meaning that the surplus by the end of 2017 could be even greater than the 44 million-euro figure forecast. In this case, the RES-supporting ETMEAR surcharge included on electricity bills appears headed for a reduction.
Last November, one month after the surcharge was introduced for electricity suppliers, the RES special account deficit fell from 283.51 million euros to 258.54 million euros, 13.55 million euros below the expected level of 272.07 million euros.
At this rate, a recently revealed amount of 90 million euros that needs to be returned to PPC, the main power utility, from the RES special account for 2014 and 2015 will be covered.