Res

The Independent Power Transmission Operator (ADMIE) Chairman and CEO Manos Manousakis emphasized that expanding electrical networks is essential for integrating more renewable energy sources (RES) which will provide more affordable electricity.

Now is the right time for electricity market reform and for more long-term planning, Prime Minister Kyriakos Mitsotakis said at the European Council meeting on Thursday, according to government sources.

The Commission is reportedly proposing to impose a cap on the profits of electricity producers from Renewable Energy Sources (RES)

Greece could become a power accumulator for Europe and support its energy independence through the necessary investment in renewable energy sources (RES), the secretary-general of the Hellenic Wind Energy Association (ELETAEN), Panayiotis Papastamatiou, stated on Tuesday, adding that "meeting the 2030 target for 55 percent of power coming from RES, we require investments of 17 billion euros."

Foreign investors are making a dynamic comeback in the Greek market of renewable energy sources (RES), which has accounted for the biggest deals in the business sector in the last couple of years.

The 622 million euros that Public Power Corporation (PPC) has collected from the sale of the Independent Power Transmission Operator (ADMIE) will not remain in its coffers for long, since its total obligations to suppliers, contractors, market entities and others exceed 1.8 billion euros.

The Energy Ministry will indirectly force electricity consumers to foot the bill for the deficit of RES (renewable energy source) companies.

An amendment tabled in Parliament on Thursday to a bill on the Civil Aviation Authority provides for additional state revenues from power suppliers amounting to 45 million euros next year to go toward the coverage of the RES firms' deficit.

The implementation of the prior actions required by Greece's creditors for the release of the next bailout subtranche will lead to electricity bills rising by 4 to 5 percent.

The rate rises stem from the adjustment of the levy for renewable energy sources, aimed at eliminating the deficit of the RES account.