Energy-intensive industry owed compensation of over €400m

Posted on October 13, 2023October 13, 2023 by admin

Compensation funds owed to domestic energy-intensive industries through an offsetting mechanism intended to mitigate the impact of high energy costs and support competitiveness have now remained unpaid over a three-year period, with no payment clarity in sight, and reached a sum of more than 400 million euros.

The country’s energy-intensive industries are entitled to receive approximately 100 million euros for 2021, 140 million euros for 2022 and over 165 million euros for 2023.

These amounts stem from emission right auctions, the proceeds of which are distributed to cover various needs based on a ministerial decision that is issued annually.

For 2023, Greece’s emission right auctions revenues are estimated to reach 1.5 billion euros, of which 11 percent, or 165 million euros, should be injected into the compensation mechanism for energy-intensive industries.

CO2 auction revenue up 30% in 2022, €1bn for transition fund

Posted on December 21, 2022December 21, 2022 by admin

Carbon emission right auction revenues reached a sum of 1.329 billion euros in 2022, up approximately 30 percent compared to the previous year, when they reached a total of 1.014 billion euros.

DAPEEP, the RES market operator, recently completed allocating the year’s sum, based on percentages included in a related ministerial decision, energypress sources informed.

The Energy Transition Fund was given the lion’s share, an amount of 1.025 billion euros. At the other end, the RES special account was given a 3.8 percent share totaling 50 million euros.

The remaining amount, 251 million euros, covers all other planned funding. An 11 percent share of the year’s carbon emission right auction revenues was allocated for aid to enterprises active in sectors and sub-sectors exposed to significant risk as a result of carbon leakage.

A 4.5 percent share was allocated to the Green Fund to finance actions for the development of sustainable economic activities with a low carbon and environmental footprint.

A 1.5 percent share of the auction revenues will be used to fund initiatives promoting the emerging electromobility sector.

A 0.6 percent share was allocated to the Natural Environment and Climate Change Agency (NECCA/OFYPEKA).

Support boost for RES special account amid deficit danger

Posted on January 27, 2020January 27, 2020 by admin

The RES special account, facing a prospective deficit of 32.67 million euros – or 102.67 million euros, if a mandatory 70 million-euro safety amount is included – by the end of 2020, according to a projection made by RES market operator DAPEEP, is set to be given a revenue boost.

This financial support will be primarily provided through an increase in the percentage of CO2 emission right auction revenues allotted to the RES special account.

A decision is expected within the next few days, according to related comments made last Friday by energy minister Costis Hatzidakis and the ministry’s secretary-general Alexandra Sdoukou.

The percentage of CO2 emission right auction revenues to be injected into the RES special account will increase to 72 percent from the present level of 65 percent, according to energypress sources.

The prospect of RES special account deficit figures has alarmed renewable energy producers, who, fearing payment delays, have already warned authorities.

The energy ministry recently decided to reduce a RES-supporting ETMEAR surcharge included in electricity bills. It represents the main source of revenue for the RES special account.