Greece, 370 million euros in extra profits collected in the first 16 days

, SEE Energy News

Mere sixteen days after the introduction of a tax on extra profits of energy producers, an amount of some 371 million euros was collected, which will help Greek authorities fund energy subsidies for citizens and the economy.

This averages at 23 million euros per day, and if the trend continues by the end of July, more than 500 million euros will be collected in a single month.

However, not all this money will be used to fund energy subsidies, a portion is related to extra profits for renewables, which will be directed to the special RES account.

The amount of 166 million euros represents tax from natural gas-fired electricity generation (79 million euros), lignite-fired electricity generation (44 million euros) and hydro-based electricity generation (43 million euros).

On the other hand, recent implementation of a 85 euros/MWh price cap for RES electricity producers will deprive the special RES account of between 30 and 40 million euros per month.