The 2014 budget provides for expenditures of €37.9m and revenues of €23.1 million.

Lawmakers gave the nod to an amendment filed by EDEK ‘crossing’, or holding over, some €12.7m allocated to wind parks.

MPs again voiced concern over the fund’s long-term sustainability, given that the fund’s reserves – currently used to pay the deficit – are expected to run out in three years’ time.

The lion’s share of the budget – some €20m – is tied to old contracts for photovoltaic and wind parks, where the prices given to contractors are currently much higher than generation costs. The old contracts did not allow for a rate renegotiation.

The 2014 RES budget allocates the same capacity as last year to domestic net-metering systems.

Source: Cyprus Mail