Probe finds holes, profiteering in green power subsidies

Photo: Pixabay


September 9, 2016






September 9, 2016





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

Voltalia breaks ground Albania biggest solar park Western Balkans Karavasta

Voltalia breaks ground in Albania for biggest solar park in Western Balkans

01 July 2022 - The site for the Karavasta solar park spans 196 hectares in Fier county in Albania's west. The planned capacity is 140 MW.


Switzerland’s Axpo to build two wind farms in Romania

30 June 2022 - The construction of the two wind farms, with a combined capacity of 250 MW, is expected to begin at the end of 2023


Greece passes renewables law targeting 15 GW in new capacity by 2030

30 June 2022 - Greece adopted a new law on renewables licensing, which includes various measures related to the energy crisis

EU agrees fossil fuel car ban as climate package talks are starting

EU agrees fossil fuel car ban as climate package talks are starting

29 June 2022 - The Council of the EU and European Parliament are set for talks on the Fit-for-55 package. Both agree new combustion engines should be banned by 2035.