Government measures announced on Friday to tackle the RES special account deficit for sustainability will affect the country’s investment climate and confidence of investors, both domestic and international, renewable energy producers have warned.

The introduction of an extraordinary 6 percent tax on electricity producer total revenues for 2020 represents a breach of an agreement between the Greek State and investors, promised fixed network connection terms, RES sector officials told energypress.

Electricity producers with facilities in operation prior to December 31, 2015 stand to lose a total amount of 110 million euros as a result of the measures, the officials noted.

Wind and solar energy producers, feeling unsettled, reminded of extraordinary measures introduced back in November, 2012 which ultimately failed to reduce the RES special account and led to new-deal tariff cuts in 2014 for existing projects.

Sector officials described the new measures as a repeat of the past, or an eight-year regression, and, as a result, cannot be regarded as new or extraordinary.

Friday’s announcement raises serious issues concerning the country’s credibility and policies, undermining investment security, ELETAEN, the Greek Wind Energy Association, announced in a statement.

The measures do not represent a permanent remedy for the RES special account but will merely counter the consequences of a decision made by energy minister Costis Hatzidakis last year to reduce a RES-supporting ETMEAR surcharge covered by consumers through their electricity bills, other RES officials protested.