BUSINESS

Photovoltaics power up energy sector deficit

Electricity market operator LAGIE said in its latest report on Tuesday than the faster-than-expected induction of new photovoltaics to the grid will create a bigger-than-expected deficit in the power market by the end of 2014.

LAGIE said that by February 15, total photovoltaic capacity had reached 1,836 MW, which was even higher than the projected target for 2014, and 296 MW of which was installed since the start of the year.

LAGIE said that this will create an extra shortfall of 400 million euros, taking its total deficit by the end of next year to 1.3 billion euros.

The Environment and Energy Ministry is understood to be watching the situation closely, especially given the forthcoming privatization of the Public Gas Corporation (DEPA) and concerns that the new owners might seek to immediately collect the 400 million it is owed.

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