ERSE revealed on Monday it expects to savings of approximately EUR 400 million for the electricity consumers with regulatory measures such as auctions called special regime (or PRE), and the renegotiation of the quantities of natural gas the central Turbogás in Tapada do Outeiro is contractually obligated to buy.
in the first case are concerned savings that, by 2020, will walk between 170 and 200 million euros and in the second one reduction of costs which may have been between 134 and 214 million euros between 2011 and 2015, said an official source of the Regulatory Authority for Energy Services (ERSE), in a meeting with the press.
auction PRE (electricity produced from renewable sources and cogeneration), which ERSE introduced in late 2011, came “turn what would be a problem into an opportunity,” said the source regulator. Between 2012 and 2015, savings registered to the system with these auctions amounted to 79 million euros and in the first half of this year, another 43 million, a total of 122 million.
These are gains from reduce the extra costs generated by the PRE – whose producers have guaranteed rates close to 100 euros per megawatt / hour, nearly double what is the price of electricity in the Iberian market. According to the configuration of the electric system, EDP Universal Service (which is the last resort, or CUR) is obligated to purchase all the PRE (which in turn has priority injection into the mains). The difference between the price paid to producers EDP PRE and the revenue generated from the sale of electricity on the wholesale market is the so-called additional cost, which is paid by all consumers in the network access tariffs. It was the deferral of this additional cost for subsequent years (in order to limit the annual increase of tariffs) which led to the tariff deficit. For example, this year, the total estimated additional cost is 1262 million, to recover in five years.
Since the renewable production volume increased in recent years and that, because of market liberalization, EDP Universal Service lost many customers to the suppliers in competition (including own Commercial EDP), the electricity that is required to purchase has become surplus to its customer base, forcing them to resell the remaining . In 2011, ERSE created auctions (which is sold 50% of the PRE), ie a mechanism that came to privilege the placement of this energy in the futures market, where selling prices are higher than the daily market – since buyers (the trading companies) are willing to pay a premium to have greater predictability on the cost of energy required to provide their customers.
So, to get the EDP Universal Service sell this energy to a price higher than that which would be paid on the spot market, the auctions organized by ERSE help to narrow the differential between the price in the market and the value at which electricity is bought from the producers of renewable. It also allows that there is a reduction in additional cost to recover the monthly bills of electricity consumers. According to ERSE, the average annual savings since 2012 has been EUR 20 million per year.
This mechanism also gives the regulatory body chaired by Victor Santos “greater predictability to the calculation of PRE of overpayment” and its impact on rates that defines each year, since the price fluctuation is lower in the futures market. it also allows for small traders, in particular to new entrants in the market, many of which have electricity generation in Portugal, access to sources supply that allow them to purchase quantities of energy at pre-set times and pricing, freeing themselves from the risks of price fluctuation and costs as the interconnection Spain / Portugal. With this, are able to “practice more competitive prices” for the final consumer. Still, it is not sure that traders do not reflect higher prices in their tariffs, admitted source of ERSE.
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