RAE, the Regulatory Authority for Energy, is planning to soon calculate a precise public service compensation (YKO) amount that will need to be returned to the power utility PPC for 2011.
This calculation, for a sum expected to range between 150 and 200 million euros, will enable PPC to make an unpaid receivables entry into its balance sheet, which would improve its first-half financial results.
The finances of PPC, Greece’s biggest corporation, are believed to be under considerable strain at present.
The resulting sum will need to be paid either by PPC’s customers, through a public service surcharge hike, or via the national budget, when the country’s next administration takes over following the July 7 snap elections. The main opposition New Democracy part is well ahead in polls.
The energy ministry refused to attach a related amendment for PPC’s YKO return to a wider draft bill ratified in Greek Parliament just before it was officially dissolved earlier this month for the upcoming elections.
PPC has also pursued an amount of approximately 375 million euros in public service compensation returns from 2012 onward. However, the utility would be prepared to abandon legal action it has already taken under the condition that a decision is reached guaranteeing a return of the amount concerning 2011.