The RES special account is expected to reach a surplus of more than 100 million euros this year as a result of an increase in the price of CO2 emission rights, now exceeding 44 euros per ton.
A 78 percent share of revenue generated through CO2 emission rights purchases by various industrial producers is injected into the RES special account. A legislative revision still needs to be ratified for this percentage figure to also apply in 2021.
DAPEEP, the RES market operator, plans to auction a total of 20.86 million units this year, the country’s share.
The operator’s most recent RES special account forecast sees an end-of-year surplus of 11.07 million euros, based on a CO2 emission price of 37.45 euros per ton, well under the current trading price level of 44.5 euros per ton.
Given the latest price level, the CO2 emission rights to be auctioned would generate total revenue of 928 million euros, of which 723 million euros, or 78 percent, will be injected into the RES special account.
This results in an additional amount of 114 million euros for the RES special account, based on the current CO2 emission price level. The extra revenue for the account could end up being as much as 150 million euros if projections by the vast majority of analysts, seeing a further rise in the CO2 emission price, are proven true.
The RES special account struggled in 2020 as a result of plunging CO2 emission right prices during the pandemic, down to as low as 17 euros per ton.
DAPEEP now anticipates greater cash inflow for the RES special account, noted Yiannis Giarentis, the operator’s head official. The price surge should create a considerable safety net for the account, he added.