Action on possible RES excessive profits next year

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A decision on whether producers of Renewable Energy Sources (RES) have made excess profits due to the unexpected electricity price increase will be taken early next year.

Finance Ministry Permanent Secretary Giorgos Pantelis told CNA that a working group was set up with the Trade Ministry and the Cyprus Energy Regulatory Authority (CERA) to examine all the existing RES plans currently implemented and their pricing.

He said that for now, the producers’ exact cost is not known.

“We need to have the full picture, as we only have data on the revenue of RES producers, who should also submit data on their expenses,” Pantelis said.

He explained it would be examined and considered whether the RES producers had increased costs of either personnel, loan interest or other costs.

“We will have to wait until the end of the year to have the whole picture.”

He said the working group would continue its discussions until it had all the necessary data.

The decision will be taken at the beginning of 2023, and if excess profits are found, then a fee will be imposed on RES producers for 2022.