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Next Previous EAC scientists warn of current HOME • INSIDER • CYPRUS • EAC scientists warn of current
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In a lengthy announcement, the EAC Scientific Staff Guild (SEPAIK) warns that if the competitive energy market model is implemented in Cyprus, then there will be an additional increase in the price of electricity, both in the short and medium term. The communication analyzes the way the model works (“EU target model”), in other EU member states (where many complaints are heard about “unexpected RES profits”, the duration of the energy crisis) but also in Cyprus since its end. 2022 and calls on all relevant state bodies to “immediately start a dialogue to modify the model on the basis of the EU guidelines, in order to prevent the creation of distortions in the price of electricity and to serve as best as possible its interests Cypriot consumer “.
READ ALSO: & nbsp; New increase in electricity
Pricing
According to SEPAIK, in the Target Model the selling price per trading period in the Daily/Wholesale Market (for every half or one hour), is determined based on the pay as cleared price, ie the highest electricity price included in the sales quantities. The Daily Market is essentially an auction, says SEPAIK, where producers submit bids to sell energy, to meet the demand needs of suppliers. Producers' offers, according to the principles of the markets, are based on variable costs, such as fuel costs and the cost of pollutants. It is noted in this regard that the offers of the producers with the lowest price are selected until they meet the requirements of the suppliers.
The EAC scientists' union adds: “This means that the production (from) RES that will participate in the Daily/Wholesale Market, if it submits a bid at zero price, ie its variable cost, will almost always be selected and reimbursed accordingly. with the most expensive supply required to meet demand over the period. Considering that to meet the demand will be required the participation of the conventional production of EAC or other producers and because the cost of conventional production is much higher than the total cost of production from RES, it is concluded that RES production will make huge profits. from the application of this Model “.
Example for the most expensive
Then, SEPAIK gives an example to make it more understandable: “If the demand for a specific period will be covered by RES units costing 5 Cents/kWh and conventional cost units 13, 15, 18 and 19 Cents/kWh respectively, the total of electricity generation to meet the demand of this period will be paid to all at 19 Cents/kWh. However, the difference between the payment price and the offer price for the producer with a bid price of 13 Cents/kWh is reasonable to cover his fixed costs (depreciation, staff, etc.), while the compensation of the producers from RES is considered excessive in relation to their real cost. These excessive profits are called windfall profits by the European Union, and the recent energy crisis in Europe has troubled the Member States, the regulators' union and the European Commission itself. “& Nbsp; & nbsp; & nbsp;
Strong controversy in EU countries
In conclusion, SEPAIK points out that today, when the cost of production with fossil fuels has skyrocketed, the EU model (which will be applied in Cyprus as well) in a few months) “is strongly questioned even in markets much more competitive than small Cyprus. Already Spain and Portugal, citing the small degree of interconnection with other European markets, have demanded and received the green light from the European Commission and have proceeded to differentiate the model in order to reduce skyrocketing profits.
In Cyprus, due to the small market and the reduced competition, the regulation of the Production and Supply prices of the EAC, but also the lack of any connection with another network, there are many doubts about the way of application of this Model that will undoubtedly lead , in the short and rather medium term, in the increase of the price of electricity “.
