If a substantial portion of CO2 emission right revenues, which are an important source of income for the RES special account, is diverted to the government’s reforestation effort at areas burnt during last summer’s fires, an option being considered by the energy ministry, according to ministry sources, then this would seriously set back the administration’s efforts to cover the RES special account’s deficit.
CO2 emission right revenues represent a key tool in helping keep this account balanced. Prior to the energy crisis, the overwhelming majority of CO2 emission right revenues raised at auction were injected into the RES special account, but have since been redistributed, leaving the account with just a 3.7 percent share.
Any new change in the distribution of CO2 emission right revenues would require a ministerial decision.
Making things even trickier for the RES special account’s financial standing, the government, sources noted, does not intend to increase a RES-supporting ETMEAR surcharge included in electricity bills.
Tax revenues generated by a green tax on auto diesel, estimated to reach 100 million euros in 2023, would help the RES special account’s standing. RES market operator DAPEEP, managing the RES special account, has yet to factor this sum into its calculations. Its injection into the RES special account would certainly help significantly reduce the account’s anticipated deficit, projected to reach 222 million euros at the end of 2023.
As another means of support for the RES special account, DAPEEP could also recover funds from medium-voltage enterprises that were excluded from a reduced ETMEAR rate for businesses yet, ultimately, continued paying a lower rate.
Between 2019 and 2021, enterprises in question continued being charged an ETMEAR rate of 8.78 euros per MWh, based on a preceding formula, but should have been paying, as of January 1, 2019, a rate of 17 euros per MWh.