Greece, RES special account surpassed 300 million euros at the end of 2021

, SEE Energy News

The amount of funds in RES special account surpassed 300 million euros at the end of 2021, which is higher than previous estimates made by the RES market operator DAPEEP.

The surplus includes the 70 million euros safety reserve, which means that the net surplus amount to 230 million euros, which is still more than double than the DAPEEP’s estimate from September .

According to Chairman of the Greek Regulatory Authority for Energy (RAE) Athanasios Dagoumas, the RES special account generates surplus whenever the price of electricity on the Greek day- ahead market exceeds 85 euros/MWh.

Another contributing factor to such high surplus this year is the reduction in amounts owed to the account by energy suppliers, as the debt, which prior to 2021 amounted to over 600 million euros, is now practically zero.

The RES special account surplus will be transferred to the Energy Transition Fund. It is estimated that, if electricity prices on the spot market remain above 200 euros/MWh in 2022, the contribution to the special account will amount to one billion euros this year.