RES penetration in Greece this year is forecast to reach 2,017 MW, RES market operator DAPEEP has estimated in a latest report.
Of this 2,017-MW total, 385 MW will be provided by new wind farms, 1,600 MW will come from PVs, 13 MW from small-scale hydropower plants, 7 MW from biomass units, and 10 MW from combined heat and power (CHP) plants, according to the DAPEEP report.
DAPEEP, it should be noted, was spot on with its RES penetration forecast for 2023.
The termination of a price cap of 85 euros per MWh that resulted from the withdrawal of a temporary mechanism applied to recover windfall earnings of RES producers has normalized balancing costs, DAPEEP noted in its analysis.
During its period of implementation, this mechanism restricted RES facility earnings stemming from wholesale electricity markets and, as a result, impacted the RES special account’s balance.
Along with reduced energy consumption levels, this mechanism was a key factor behind the RES special account’s 21.39 million-euro deficit recorded in July, 2023, the RES market operator noted.
The RES special account’s sub-account for new projects will end 2024 with a surplus of 173.35 million euros, while the general RES special account, covering the entire country and new projects, will record a small deficit of 5.84 million euros, not including the cash inflow of a RES-supporting ETMEAR surcharge included in all electricity bills, DAPEEP projected.
The RES market operator attributed a considerable drop in electricity consumption during the twelve-month period between July, 2022 and June, 2023 to higher energy prices as well as incentives offered by the Greek State for energy savings and reduced consumption.
The operator has projected electricity consumption in 2024 will total 45.8 TWh, a drop compared to the previous year’s level.