Germany’s “green energy account” deeper in the red
Clean Energy Wire
Germany’s “green energy account” in July continued to slip deeper into the red after showing a negative balance for the first time since 2013 the previous month, data by the country’s four transmission system operators (TSOs) shows. As the share of renewables in German power production reached record levels in the first months of 2020, the account balance fell from about two billion euros in available funds at the end of January to minus 2 billion euros on 31 July.
The Renewable Energy Act (EEG) account is used to pay the financial support which has driven the expansion of renewables in Germany for years. German consumers pay into the fund through a levy (EEG-surcharge) on electricity bills. The account had reached an all-time high in March 2019 at almost 6 billion euros. Analysts warned earlier this year that the balance on Germany's green energy account looked set to fall significantly due to the pandemic's dampening effects on power prices, which means that operators get a greater share in support payments from the fund which make up part of their guaranteed remuneration for renewable power production.