Electricity suppliers, whose business costs have fallen considerably as a result of lower oil and gas prices in international markets, should recommence contributing a RES-supporting ETMEAR surcharge of roughly nine euros per MWh into the RES special account, facing a renewed deficit threat as a result of the coronavirus lockdown’s wider effects, SPEF, the Hellenic Association of Photovoltaic Energy Producers, has noted.

A RES special account deficit would once again cause payment delays for producers after a period of restored order.

Greece’s RES special account, as a result of the lockdown, faces a deficit of 423 million euros on an annual basis, while lower oil and gas costs are expected to lead to annual savings of approximately one billion euros for Greece’s electricity suppliers, it has been estimated.

Drastically lower international oil prices – oil-indexed natural gas prices are bound to follow with some delay –  combined with a sharp drop in CO2 emission right costs, have lowered electricity costs in Greece as fossil fuels cover 70 percent of the country’s overall electricity generation, SPEF contends.

The association submitted its request – backed by an analysis – for the reintroduction of a RES-supporting surcharge for suppliers to virtual conferences and consultation staged by RAE, the Regulatory Authority for Energy, and the energy ministry over the past few days to examine the pandemic’s affects on the energy market and RES special account.