The photovoltaic sector is forecast to experience slow growth in 2016 and 2017, at a rate of 50 MW installed capacity each year, while the RES special account is expected to end 2015 with a deficit of 32.28 million euros and mostly remain in deficit territory over the next two years, according to the latest monthly report released by LAGIE, the Electricity Market Operator.

The operator’s latest report noted that the RES special account deficit reached 65.21 million euros last June, 67.20 million euros in July, and 86.57 million euros in August.

This negative trend is expected to continue for the remainder of this year for deficits of 98.38 million euros in September, 109.08 million euros in October, 79.80 million euros in November, and 32.08 million euros in December.

LAGIE expects the RES special account to rebound into surplus territory during the first four months of 2016 before returning to deficit figures, starting with 7.37 million euros in May and carrying on with an upward trajectory that will reach 65.63 million euros by the end of 2016.

The operator expects the RES special account to begin 2017 with a deficit. LAGIE forecasts a deficit of 37.29 million euros in January of that year, a fall to a deficit of 3.89 million euros in February, and a rebound to a surplus level of 0.9 million euros in March. However, this rise will be shortlived, as the RES special account will fall back into deficit in April, 2017, at a level of 31.8 million euros, which will gradually rise until July, LAGIE forecast.