RAAEY, the Regulatory Authority for Waste, Energy and Water, has decided to keep unchanged, for 2024, two surcharges included in electricity bills, a RES-supporting ETMEAR surcharge as well as an YKO surcharge supporting public service compensation.
The authority, whose decisions, taken to protect electricity consumers from higher energy costs, has called for budget funds to be used to cover any resulting deficits to the special accounts for renewable energy and public service compensation.
RES market operator DAPEEP and distribution network operator DEDDIE/HEDNO, respectively managing RES and public service compensation special accounts, have both forecast account deficits for 2024.
According to sources, public service compensation special account data forwarded by DEDDIE/HEDNO to RAAEY showed a 300 million-euro deficit for 2023 and forecast an equivalent deficit for 2024.
The deficits have been mainly attributed to energy-crisis electricity subsidies offered to all consumers through funds transferred from the public service compensation special account to the Energy Transition Fund.
According to ESPEN, the Greek Energy Suppliers Association, a sum of 460 million euros was transferred to the Energy Transition Fund from the public service compensation special account between August, 2022 and April, 2023.
DAPEEP, the RES market operator managing the RES special account, informed RAAEY of a 196.74 million-euro deficit for 2023, sources informed.
RAAEY decided to keep the RES-supporting ETMEAR surcharge unchanged for 2024, at 17 euros per MWh, based on a wholesale electricity price average scenario of 111 euros per MWh for this year, which, according to the operator, would result in a RES special account surplus of 6.55 million euros at the end of 2024.
However, the wholesale electricity price average for 2024 will most likely end up below the 111 euros per MWh and result in a RES special account deficit.
The country’s wholesale electricity price has averaged approximately 100 euros per MWh since last summer.