The price of electricity on the market is currently so high that electricity from renewable systems probably does not need support. The market price, which has risen sharply since the beginning of 2021, already had a noticeable effect on subsidized green electricity at the end of 2021.
“This is an expensive phase that will probably take a while,” said E-Control board member Wolfgang Urbantschitsch on Monday when presenting the WEEE monitoring report. The report also shows the strong volatility of renewables: although the installed capacity of the systems has increased, they delivered significantly less electricity last year.
Although the installed capacity of renewable energy sources increased by 1003 megawatts (MW) year-over-year, the amount of electricity produced simultaneously decreased by 2433 gigawatt hours (GWh).
Due to the increased market price, OeMAG was able to generate substantial additional income in 2021 by allocating the subsidized green electricity to the suppliers. This additional income was so high that any financing costs for 2022 were already covered – therefore the renewable financing contribution and then the fixed amount of renewable financing for 2022 were set to zero through a legislative amendment.
The market price, which has continued to rise, suggests that the renewable energy subsidy will not increase in 2022 either. The suspension of the flat rate for renewable financing would require another amendment, which would need to be approved by a two-thirds majority.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
