The RES special account surplus, expected to reach 256.35 million euros by the end of 2018, according to a projection made by LAGIE, the Electricity Market Operator, could be further boosted by an additional injection of 40 million euros stemming from local auctions offering CO2 emission rights.
CO2 emission right revenues raised at auctions are injected into the country’s RES special account. A related law requires at least 60 percent of CO2 emission right revenues raised at auctions to be added to the RES special account.
The exact percentage level is determined by an annual ministerial decision. Energy minister Giorgos Stathakis set a 72 percent figure last June, when the proportion of CO2 emission right revenues raised at auctions was last revised.
Though the latest decision has yet to be made, LAGIE calculations based on the minimum requirement of 60 percent would lead to an injection of 197.9 million euros for the RES special account in 2018 from CO2 emission right revenues and 201.82 million euros in 2019.
If a 72 percent rate is once again set by the new ministerial decision then these RES special account injections from CO2 emission right revenues would reach 237 million euros in 2018, or 40 million more for the year, and 242 million euros in 2019.
For its RES special account calculations, LAGIE factored in a number of assumptions. These include an average System Marginal Price (SMP) of 50 euros per MWh, down from 50 euros per MWh; new solar energy installations totaling 40 MW; and CO2 emission right costs of 10 euros per ton, up from 7 euros per ton a year earlier.