A newly introduced extraordinary tax on windfall profits of electricity producers has, so far, resulted in a collection of 371 million euros since its introduction 16 days ago, to help fund the government’s energy subsidies effort through the Energy Transition Fund.

The extraordinary windfall profit tax is generating tax revenue at an average of 23 million euros per day, a rate which, if maintained throughout July, will result in a sum of more than 500 million euros by the end of this month.

The 371 million-euro amount is not all fresh money for the subsidies as a fraction of this total represents excess-tariff money from renewables that would have been injected into the RES special account and, by extension, the Energy Transition Fund.

However, a 166 million-euro windfall profit tax amount accumulated from natural gas and lignite-fired electricity production units and hydropower units is all fresh money – 79 million euros, 44 million euros and 43 million euros, respectively.

Meanwhile, the recent implementation of an 85 euros per MWh price cap on RES producers, part of the government’s energy-crisis measures, will, according to energypress sources, deprive the RES special account of between 30 and 40 million euros, monthly.

Authorities are monitoring the RES special account to ensure it does not fall into deficit territory.