14:29 31.08.2021

Energy Ministry considering idea of ​​transferring excise tax on electricity, including 'green,' to trust fund to pay off debts

3 min read
Energy Ministry considering idea of ​​transferring excise tax on electricity, including 'green,' to trust fund to pay off debts

In order to pay off debts on the electricity market, in particular to the renewable energy sector, the Energy Ministry is considering an initiative to create a trust fund that accumulates the receipts of excise tax on electricity, including "green," in case of the adoption of the relevant provision of resource bill No. 5600, Energy Minister Herman Haluschenko said in an exclusive interview with Interfax-Ukraine.

"There is one idea: to transfer the entire excise tax paid by all generators to a trust fund. And, perhaps, at the expense of it to pay off debts, in particular, the 'green' ones. If this happens, the money will not be collected in the general fund of the national budget [...], but will be recorded in a separate fund, at the expense of which the debts will be covered, then this will be normal," Haluschenko said.

He also said that by providing the market with stable rules under which settlements will be carried out, it will be possible to find mutual understanding on the issue of establishing an excise tax on green electricity with the RES sector.

He did not predict the likelihood of parliamentary approval of the relevant provision of resource bill No. 5600, which stipulates the introduction of a 3.2% excise tax for electricity from renewable energy sources, which is categorically opposed by profile and business associations.

Regarding the prospects for holding "green" auctions, the minister said that work in this direction is being carried out, although he expressed doubts about their holding in 2021.

"We are working and will move this story. I do not know if we will be in time this year. But the reality is that the work is really underway," Haluschenko said.

According to the Energy Ministry head, the size of quotas will depend on "how much renewable energy the energy system can accept."

"If we synchronize, if the decarbonization plan is implemented, then we will be able to accept an additional 4.5 GW into the system," he said.

However, Haluschenko said that now the Energy Ministry is conducting detailed calculations of the prospects for the development of renewable energy sources, and believed that by the end of September they will be ready, "really balanced, taking into account the technical parameters of the energy system, tested by Europeans and Americans."

"As the price of an error is very high. According to preliminary expectations, we will be able to accept significantly more renewable energy sources, and this means that there will be enough room for new auctions," the minister said.

According to presidential decree No. 452 dated August 28, 2021, which enacted the decision of the National Security and Defense Council (NSDC) dated July 30, 2021, the government needs to prepare amendments to some laws of Ukraine by December 31 to improve the conditions for supporting generation of "green" electricity by generating installations of consumers.

Under the decree, by October 31, it is necessary to develop legislative changes to stimulate the generation of electricity from renewable energy sources based on market principles and granting the right to its generators to leave the Guaranteed Buyer balancing group and freely sell electricity on the market.

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