Cyprus Mail

House passes RES fund bill

By Staff Reporter

BY UNANIMOUS vote, the House last night passed the budget for the Renewable Energy Sources (RES) fund, but held back the funds initially earmarked for wind parks.

The 2014 budget provides for expenditures of €37.9m and revenues of €23.1 million.

Lawmakers gave the nod to an amendment filed by EDEK ‘crossing’, or holding over, some €12.7m allocated to wind parks.

MPs again voiced concern over the fund’s long-term sustainability, given that the fund’s reserves– currently used to pay the deficit – are expected to run out in three years’ time.

The lion’s share of the budget – some €20m – is tied to old contracts for photovoltaic and wind parks, where the prices given to contractors are currently much higher than generation costs. The old contracts did not allow for a rate renegotiation.

The 2014 RES budget allocates the same capacity as last year to domestic net-metering systems.

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