PPC officials, summoned by RAE (Regulatory Authority for Energy) to a hearing held to determine whether the utility is withholding electricity bill surcharges intended for market operators, are expected to defend the corporation’s actions today by testifying that outstanding amounts owed by the utility to the operators IPTO and HEDNO are far less than they claim and, in addition, contend that amounts owed are a direct result of unpaid electricity bills, sources have informed.
PPC officials have already provided related data prior to today’s hearing.
RAE suspects PPC is collecting and withholding surcharges intended for operators in order to meet company needs, including investment programs and payments to suppliers.
Data made available to date for this case has shown a discrepancy between the inflow of surcharge-related amounts received by PPC and its outflow of payments to operators.
At an earlier stage of RAE’s investigation, PPC officials admitted having set priorities favoring crucial company obligations. These pressing needs had the potential to prompt serious financial damage, even company bankruptcy, as well as widespread impact on the national economy, if left unattended, the PPC officials noted.
PPC is expected to face fines should RAE determine, once all data has been processed, that the utility has been withholding surcharge amounts intended for the operators.
Unable to meet payments to photovoltaic investors for solar output, agencies representing the PV sector have called for strict action against PPC.
IPTO and HEDNO, both PPC subsidiaries, have taken legal action againt the parent company.