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Afry

Athens cautiously optimistic on RRF support for RES special account

Posted on March 10, 2021March 10, 2021 by admin

Government officials remain cautiously optimistic on the prospects of EU recovery fund support for the country’s RES special account, impacted by the pandemic and resulting lockdown measures.

The European Commission is seriously considering Greece’s request for EU recovery-fund support for the RES special account, well-informed sources have noted.

Athens is seeking 200 million euros in financial support, as a lump sum, for the RES special account from the European Commission’s Recovery and Resilience Facility (RRF).

A decrease in energy consumption prompted by the lockdown restrictions has pushed the RES special account, remunerating renewable energy producers, to deficit territory as a result of lower consumption-based surcharge contributions across the market.

A pandemic-induced fall in Greek wholesale electricity prices during the first wave of the crisis, early in 2020 – they averaged 28.51 euros per MWh last April – has also affected the RES special account’s cash inflow.

European Commission approval of Greece’s support request for the RES special account would represent a first step in the procedure as the two sides would then need to agree on the extent of the deficit that can be attributed to the pandemic.

Introduced by Brussels last month, the RRF is worth a total of 672.5 billion euros in loans and grants.

A study by Swedish-Finnish consulting giant Afry, commissioned by RAE, Greece’s Regulatory Authority for Energy, estimates Greece’s RES special account can only remain in surplus territory over the next three years with a 200 million-euro injection of support funds.

According to the Afry study, the RES special account would record deficits of 92 and 51 million euros in 2022 and 2023, respectively, without recovery fund support, under the best of conditions, including continuation of the same number of emission rights granted to Greece on an annual basis.

Posted in Renewables Tagged Afry, EU recovery fund, European Commission, RES special account, RRF Leave a comment

Recovery fund help vital for RES special account, Afry report notes

Posted on March 1, 2021March 1, 2021 by admin

The RES special account’s ability to remain in surplus territory in 2023 will depend on the overall impact of measures decided by the energy ministry, including the prospect of a 200 million-euro injection from EU recovery-fund money, according to a related conducted study by Swedish-Finnish consulting giant Afry.

Greece’s energy ministry has just published the study’s findings.

The RES special account’s financial standing will begin improving in 2024, even without the 200 million euros in recovery-fund support, and, year by year, will experience a gradual surplus increase, the Afry study projects.

As for the three-year period between 2021 and 2023, the study has forecast marginal surplus figures, at best, of between 60 and 150 million euros.

The prospects, for this period, will not only depend on the outcome of an application for recovery-fund support for the RES special account but also on the effectiveness of other ministry measures, the Afry study points out.

Besides the possibility of no recovery-fund money for the RES special account, the report also lists the prospect of far fewer carbon emission rights for Greece as another threat.

Other market shocks, such as delayed economic recovery due to coronavirus vaccination program setbacks, as well slower development of the Crete-Athens grid interconnection project, could also result in RES special account deficits, the report warns.

Posted in Renewables Tagged Afry, coronavirus, Cretan Interconnection, EU recovery fund, RES special account Leave a comment
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