The RES special account, already facing deficit pressure, has been dealt a further blow by a European Energy Exchange decision drastically reducing Greece’s CO2 emission right allowance for the year’s final four-month period, a move estimated to deprive the account of 54.2 million euros and test its sustainability.
This decision, based on European Commission rules, was made ahead of the implementation of the Market Stability Reserve mechanism.
Greece’s CO2 emission rights allowance for 2020 is being reduced by 3,767,500 tons, from 24,396,500 tons to 20,628,000 tons. This reduction concerns the period between September and December.
The percentage of CO2 emission right revenues resulting from auctions and distributed to the RES special account was increased to 72 percent from 65 percent in March. The latter figure applied in 2019 and was initially planned to also be maintained for 2020.