Renewables

Probe finds holes, profiteering in green power subsidies

Photo: Pixabay

Published

September 9, 2016

Country

Comments

comments icon

0

Share

Published:

September 9, 2016

Country:

Comments:

comments icon

0

Share

The Audit Office of the Republic of Cyprus recommended to the state authorities to stop subsidizing the country’s wind farms to avoid further strain on the Renewable Energy Sources Fund and thus the taxpayers.

An administrative procedure was conducted after a request in July last year by Andros Kyprianou, leader of the opposition and general secretary of the communist Progressive Party of Working People (AKEL). Auditors found irregularities in the system for subsidizing wind power and photovoltaic facilities. Particular stress was placed on licencing in the wind segment from July 2009 through the following year, when Kyprianou’s predecessor Demetris Christofias was head of state. The internal rate of return, a gauge of profitability, was registered to be much higher than 12% to 13%, granted by the European Commission, the report noted.

According to the document, the findings could be used by the government as a reason for disengagement from the agreements concerning stimulation. The independent institution indicated the offices of the attorney general and state aid commissioner could get involved.

The cabinet plans to lift the fee charged to all electricity consumers from 0.5 euro cents to 1.35 per kWh to ensure the viability of the said green fund. The new tariff would apply until the end of next year.

Tags: , ,

Related Articles

IHA Turkey 2024 hydropower additions highest Europe again

IHA: Turkey’s 2024 hydropower additions highest in Europe again

03 July 2025 - The world's hydroelectric capacity increased 1.7% last year to 1.44 TW, the International Hydropower Association said in its annual report

boksic solar power plant battery

Project underway for 99 MW Bokšić solar plant with battery storage

03 July 2025 - The Bokšić solar power plant project includes a battery energy storage system, BESS, with a capacity of 70.8 MWh.

YEO Defic Globe projects 219 MW Romania rebranding

YEO’s Defic Globe buys projects for 219 MW in Romania amid rebranding

03 July 2025 - Defic Globe, controlled by YEO, acquired 15 project firms developing plans for power plants and battery storage in Romania

HELLENiQ Energy buys ABO Energy Hellas 1 5 GW renewables

HELLENiQ Energy buys ABO Energy Hellas, adding 1.5 GW in renewables projects

02 July 2025 - Amid a consolidation in the renewables sector in Greece, HELLENiQ Energysaid it completed the acquisition of ABO Energy Hellas